Table 7-2 Arnie Sells Basketballs in a Perfectly Competitive Market

question 11

Multiple Choice

Table 7-2
Arnie sells basketballs in a perfectly competitive market. Table 7-2 summarises Arnie's output per day (Q) , total cost (TC) , average total cost (ATC) and marginal cost (MC) .
-Refer to Table 7-2.What price (P) will Arnie charge and how much profit will he earn if the market price of basketballs is $12.50?

• A) Price and profit cannot be determined from the information given.
• B) P = $12.50; profit = $52.50
• C) P = $12.50; profit = $22.50
• D) P = $20; profit = $75.00.

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Definitions:

Work Process

The structured set of activities and tasks undertaken by individuals or teams to produce a specific outcome or product in a professional setting.

Michael Hammer

A thought leader and author best known for his work on business process reengineering, which rethinks and radically redesigns business processes to achieve dramatic improvements in productivity and efficiency.

Employee Productivity

A measure of the efficiency and output of workers within a business or organization.

Workplace Equipment

Tools, machinery, and other physical devices or items used by employees to perform tasks and functions in the workplace.