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BlackZzzverrR [31]
3 years ago
9

The Grange is a firm in a monopolistically competitive market that sells farm implements. The firm collected the data below to d

etermine the profit-maximizing price and quantity at which to sell. Using the data, what is the profit-maximizing price and quantity at which the Grange company should sell its product?
Quantity Price Total Revenue Marginal Revenue Total Cost Marginal Cost
2 $21 $42 $21 $0 $30
4 $18 $72 $15 $64 $2
6 $16 $96 $2 $72 $4
8 $14 $112 $8 $88 $8
10 $12 $120 $4 $108 $10
2 $10 $120 $0 $32 $12
4 $8 $112 $4 $160 $14
Business
1 answer:
ser-zykov [4K]3 years ago
5 0

Answer:

The profit-maximizing price is $14, and the profit-maximizing quantity is 8.

Explanation:

This is because for a monopolistically competitive firm, the profit-maximizing quantity occurs where marginal revenue equals marginal cost. What the firm does is looking for the point in the demand curve that is exactly above the marginal cost-marignal revenue intersection, and charges the corresponding price and quantity.

We can see that for the quantity of 8, and the price of $14, both marginal revenue and marginal cost are $8, meaning that these are the quantity and price that are profit-maximizing.

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Answer:

The answer to both a and b is in the explanation below

Explanation:

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Since no information about worker's preferences is given, we do not Imow which effect will dominate the other effect and, therefore, we do not know what the net impact of the increase in wage will be.

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What is Economic Development?

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Know more about Economic Development brainly.com/question/22690298

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Answer:

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