QUESTION 9John lives in the small island nation of Vanuatu, and is a producer in the perfectly competitive market for galip nuts. A summary of someof his costs, which are given in the local currency (the "vatu"), is shown below.Quantity (kg of galip nuts)0306090120150Total Fixed Cost TFC (vatu)560056005600560056005600Total Variable Cost TVC (vatu)06401520264048009120If John's profit-maximising quantity is 90kg of galip nuts, what is the marginal revenue per kilogram of galip nuts at this profit maximisingquantity? Answer to the nearest whole number.

Perfect competition: A firm in the competitive market is a price taker because it has large number…

QUESTION 9 John lives in the small island nation of Vanuatu, and is a producer in the perfectly competitive market for galip nuts. A summary of some of his costs, which are given in the local currency (the "vatu"), is shown below. Quantity (kg of galip nuts) Total Fixed Cost TFC (vatu) 0 5600 30 5600 60 5600 90 5600 120 5600 150 5600 Total Variable Cost TVC (vatu) 0 640 1520 2640 4800 9120 If John's profit-maximising quantity is 90kg of galip nuts, what is the marginal revenue per kilogram of galip nuts at this profit maximising quantity? Answer to the nearest whole number.

QUESTION 9 John lives in the small island nation of Vanuatu, and is a producer in the perfectly competitive market for galip nuts. A summary of some of his costs, which are given in the local currency (the "vatu"), is shown below. Quantity (kg of galip nuts) Total Fixed Cost TFC (vatu) 0 5600 30 5600 60 5600 90 5600 120 5600 150 5600 Total Variable Cost TVC (vatu) 0 640 1520 2640 4800 9120 If John's profit-maximising quantity is 90kg of galip nuts, what is the marginal revenue per kilogram of galip nuts at this profit maximising quantity? Answer to the nearest whole number.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 20AA

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