Study the supply curve given below and answer the following question.
For the supplier, when the marginal cost of producing a unit is $2, his profit is maximized. What quantity would he supply?
Profit maximization occurs when MC = P. Since his profit maximization occurs at a marginal cost of $2, the market price is also $2. At this price, he would supply 4 units.
If the market price is $4, the producer surplus is ________.
At what price is the producer surplus equal to $2?
If the quantity supplied increases from 10 to 20, the total revenue ________.
Study the supply curve given in the figure.
If the market price is $8, what is the quantity supplied?
The supply curve of Vidya can be represented by the equation p=0.01q−3, p≥12 . The marginal cost of producing the 1500th unit for Vidya is Rs ___