2. 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
3. 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
