unit 6 assignment 1.doc - ECO1050 Microeconomics Marginal...

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ECO1050 – MicroeconomicsMarginal Cost, Revenue, and Pure CompetitionAssignment WorksheetKristina EllisDirectionsThis assignment deals with the recognition and application of pure competition cost andrevenue information that is graphically presented. Use the graph below to answer the followingquestions.Microeconomic Problem1.How do you know that the firm represented in the graph above is a purely competitivefirm?
2.To maximize profits, this firm will produce at what output level (one letter)?
3.Explain why this MR=MC position is the profit-maximizing position for any firm.

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Term
Spring
Professor
Dr Beaver
Tags
Economics, Kristina Ellis

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