Question 1
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 $800 per robot. To maximize profits, Robbie's Robots should
◦ make no adjustments as they are already maximizing their profits.
◦ increase their output.
◦ decrease their output.
◦ stop producing since it is earning a loss.
Question 2
Refer to the information provided in Table 8.7 below to answer the following question(s).
Refer to Table 8.7. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell ________ fruit baskets and their profit is ________.
◦ three; $5
◦ four; $7
◦ five; $14
◦ six; $14
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