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Suppose that the market price increases to $6, as Table 8.14 shows. What would happen to

Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor ISBN: 9781947172364 471

Solution for problem 4 Chapter 8

Principles of Economics | 2nd Edition

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Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor

Principles of Economics | 2nd Edition

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Problem 4

Suppose that the market price increases to $6, as Table 8.14 shows. What would happen to the profit-maximizing output level? Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Total Revenue Marginal Revenue 0 $62 $62 - - $0 - 10 $90 $62 $28 $2.80 $60 $6.00 20 $110 $62 $48 $2.00 $120 $6.00 30 $126 $62 $64 $1.60 $180 $6.00 40 $144 $62 $82 $1.80 $240 $6.00 50 $166 $62 $104 $2.20 $300 $6.00 60 $192 $62 $130 $2.60 $360 $6.00 70 $224 $62 $162 $3.20 $420 $6.00 80 $264 $62 $202 $4.00 $480 $6.00 90 $324 $62 $262 $6.00 $540 $6.00 100 $404 $62 $342 $8.00 $600 $6.00 Table 8.14

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Textbook: Principles of Economics
Edition: 2
Author: Steven A. Greenlaw, David Shapiro, Timothy Taylor
ISBN: 9781947172364

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Suppose that the market price increases to $6, as Table 8.14 shows. What would happen to