the marginal cost of sheep and lamb production is
contant at $1000 per animal. If there were only one supplier of
sheep and lambs what would be the equilibrium price?
a 8000
b7000
c6000
d5000
e none
Homework Answers
| P | Q | MC | TR= (P)Q | MR= (Change in TR/Change in Q) |
| 8000 | 5000 | 1000 | 40000000 | - |
| 7000 | 6000 | 1000 | 42000000 | 2000 |
| 6000 | 7000 | 1000 | 42000000 | 0 |
| 5000 | 8000 | 1000 | 40000000 | -2000 |
| 4000 | 9000 | 1000 | 36000000 | -4000 |
| 3000 | 10000 | 1000 | 30000000 | -6000 |
| 2000 | 11000 | 1000 | 22000000 | -8000 |
| 1000 | 12000 | 1000 | 12000000 | -10000 |
If there is only one supplier ,then optimal is where MR= MC . And we can see MR> MC ,when Q= 6000. And MR<MC , when Q=7000. Hence, optimal level of Output is 6000. At this Output level, equilibrium price is $7000.
Hence, option (B) is correct.
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