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Identify the profit-maximizing quantity supplied

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Reference no: EM133084093

Assume the table below is extracted from Dodi company Ltd a perfectly competitive firm selling cabbages. Assume that when the firm's selling price is AUD 15, the marginal revenue is also AUD15.

Qty = Quantity; AVC=Average variable cost;  AFC = Average fixed cost; ATC=Average Total Cost; MC= Marginal Cost; Rev = Revenue; MR= Marginal Revenue; Kg = Kilogram

Quantity (Kg) 

AVC

AFC

ATC

MC

2.50

7.50

5.10

 

 

3.50

9.00

3.00

 

9.00

4.50

10.00

2.50

 

12.50

5.50

14.00

1.80

 

13.00

6.00

18.00

1.67

 

15.00

10.00

25.00

1.43

 

16.00

Question 1 Complete the table below and answer the questions that follow.

Question 2 Based on your answers to the table above, identify the profit-maximizing quantity supplied by the firm.  Calculate the amount of profit/loss at this optimal point. Show your work.

Question 3 State and examine the characteristics for a perfectly competitive firm such as Dodi Ltd selling cabbages.

Reference no: EM133084093

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