Author Question: Assume Robbie's Robots operates in a perfectly competitive market producing 3,000 robots per day. At ... (Read 124 times)

EY67 · **on:** Apr 19, 2019

Question 1

Profit-maximizing firms want to maximize the difference between

◦ total revenue and marginal cost.
◦ total revenue and total cost.
◦ marginal revenue and marginal cost.
◦ marginal revenue and average cost.

Question 2

Assume Robbie's Robots operates in a perfectly competitive market producing 3,000 robots per day. At this output level, the selling price is $800 per robot and the marginal cost is $625 per robot. It follows that producing one more robot will cause this firm's

◦ total cost to decrease.
◦ profits to increase.
◦ profits to decrease.
◦ profits to remain unchanged.

bookworm410 · **Reply #1 on:** Apr 19, 2019

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