Answer to Question #76228 in Economics of Enterprise for latif summaira

Question

Suppose there is only one supplier in the market for product X. The marginal cost of
producing product X is constant at $200 per unit and there is no fixed cost. The market
demand for product X is described by the following schedule:
Price Quantity
$800 5
700 6
600 7
500 8
400 9
300 10
200 11
Determine the profit-maximizing output quantity and the price of product X. Explain your
answer