What is the profit maximizing (loss minimizing) quantity for the ...

[Jipu 123]

What is the profit maximizing (loss minimizing) quantity for the perfectly competitive firm to produce?

Question 2

Marginal utility can be measured by the change in:
 a. total utility / the change in quantity.
  b. income / the change in utility.
  c. quantity / the change in income.
  d. price / the change in utility.
  e. income / the change in price.

[af]

Answer to Question 1

The profit maximizing (loss minimizing) quantity for any firm to produce exists at that output level in which marginal revenue equals marginal cost (MR = MC). For the perfectly competitive firm, price (P) equals marginal revenue. Therefore, the profit maximizing quantity for the perfectly competitive firm to produce exits at that output level where P = MC.

Answer to Question 2

a

[Jipu 123]

Thanks for the timely response, appreciate it

[covalentbond]

YES! Correct, THANKS for helping me on my review