(Answered) 1 your instructor will provide values for the

Management Studies

1. Your instructor will provide values for the following:

Complete the Excel worksheet using the values for the following costs:

Unit price in perfect competition: $8.00
Equation for total cost under perfect competition: TC = 6.25*Q + .25*Q2
Equation of unit price under less-than-perfect competition: P=20-2.5*Q

2. Calculate Marginal Revenue and Marginal Cost and determine the profit maximizing output for a firm under the two scenarios.

Perfect Competition Unit price = Number of Units Sold Total Revenue Marginal Revenue Marginal Cost Total Cost 0 1 2 3 4 5 6 Less-than-Perfect Competition Number of Units Sold Total Revenue Marginal Revenue Marginal Cost Total Cost 0 1 2 3 4 5 6

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