Question 1
Refer to the data provided in Table 9.4 below to answer the question(s) that follow.
Refer to Table 9.4. If the market price is $56 and the firm produces 5 units of output, then its profit would be
◦ -$100.
◦ -$88.
◦ $0.
◦ $36.
Question 2
Refer to the data provided in Table 9.4 below to answer the question(s) that follow.
Refer to Table 9.4. The market price is $84 and this firm is producing four units of output. Which of the following would you recommend to this firm?
◦ Continue producing four units of output, because the firm is able to make an economic profit.
◦ Increase output to six units, so that marginal cost equals marginal revenue.
◦ Reduce price to $34, so that marginal cost will equal marginal revenue at 4 units of output.
◦ Increase output to seven units so that price is less than marginal cost.
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