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Answer to Question #48761 in Economics of Enterprise for Damilare Solomon
Question #48761
from the table below answer the following question
Total revenue
OUTPUT OF BEAN T.R MC TC MR
10 150 - 250 -
20 200 5 300 5
30 350 15 430 13
40 450 F 500 F
50 550 5 550 M
60 600 5 587 3
70 630 X 700 12
QUESTION
1. find the Value of F, M, X
2. what will be the profit maximizing output for the firm
3. if the firm were operating under perfect competition what will be the price of his product
Total revenue
OUTPUT OF BEAN T.R MC TC MR
10 150 - 250 -
20 200 5 300 5
30 350 15 430 13
40 450 F 500 F
50 550 5 550 M
60 600 5 587 3
70 630 X 700 12
QUESTION
1. find the Value of F, M, X
2. what will be the profit maximizing output for the firm
3. if the firm were operating under perfect competition what will be the price of his product
Expert's answer
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