1) The table below provides data for a competitive product. Workers are paid $24 per day, materials cost $1 per unit, fixed costs are $2 per day and the going market price is $9 per unit.
*fill in the blanks in the table below, and find the profit-maximizing level of output.
*find the level of profit.
Workers
Output
(or Q)
Labor
Cost
Material
Cost
FixedCost
Total
Cost
Marginal
Cost
Marginal Revenue (P)
10
5
$240
$5
$2
$9
11
29
264
$2
$9
12
41
$2
$9
13
47
$2
$9
14
50
$2
$9
15
52
$2
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