Matthew Rafferty
Matthew Rafferty
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Matthew Rafferty produces hiking boots in the perfectly competitive hiking boot market.
- Fill in the missing values in the following table:
- Suppose the equilibrium price in the hiking boot market is $100. How many boots should Rafferty produce, what price should he charge, and how much profit will he make?
- If next week the equilibrium price of boots drops to $65, how many boots should Rafferty produce, what price should he charge, and how much profit (or loss) will he make?
- If the equilibrium price of boots falls to $50, how many boots should Rafferty produce, what price should he charge, and how much profit (or loss) will he make?
