Consider the Following Table of Numbers,which Represents Demand and Cost

question 31

Essay

Consider the following table of numbers,which represents demand and cost conditions for a competitive firm.What output level should the firm produce? Explain. $$\begin{array} { c c c } &\text { Quantity }\\\text { Price } = \text { MR } & \text { Produced } & \text { MC } \\600 & 0 & \\600 & 1 & 240 \\600 & 2 & 190 \\600 & 3 & 240 \\600 & 4 & 290 \\600 & 5 & 390 \\600 & 6 & 490 \\600 & 7 & 590 \\600 & 8 & 690 \\600 & 9 & 790 \\600 & 10 & 890\end{array}$$ NOTE: Marginal values represent values between levels of output.For example,the marginal cost between 0 units and 1 unit is $240.