Homework Answers
A) TR=P*Q
AR = TR/Q
| Q | P | TR | AR |
| 80 | 10 | 800 | 10 |
| 70 | 20 | 1400 | 20 |
| 60 | 30 | 1800 | 30 |
| 50 | 40 | 2000 | 40 |
| 40 | 50 | 2000 | 50 |
| 30 | 60 | 1800 | 60 |
| 20 | 70 | 1400 | 70 |
| 10 | 80 | 800 | 80 |
B) The firm sets MC=MR for profit maximization
It will produce Q = 30 units
C) Price = 60
D) In the case of a perfectly competitive industry, it will set P=MC for profit maximization
Q = 50 units
Price = 40
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profit level for Fluff when price is set 20 cents higher than the
profit-maximizing price.
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