SOCL 2001 Chapter : Lecture Notes Chapter 6Groups And Organizations
Document Summary
At her current level of production, maria has marginal costs equal to . 40 per kilo. If the market price of manioc is . 60 per kilo, marcia should ___ of manioc. Increase her production: decrease her production, continue producing her current level, suppose greg"s guava grove operates in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production its average total cost of producing a kilo of guavas is . 50, average variable cost is sh. 95, and marginal revenue is . 10. At this moment in time, greg is earning an economic profit ___ zero: greater than, equal to, less than, suppose jan produces jam in a perfectly competitive market and is producing her profit- maximizing level of output. Suppose further that at this level of production its average total cost of producing jam is . 75, average variable cost is . 25, and marginal cost is . 50.
