The next series of questions uses the following table. The table contains 5 columns: Quantity Q, Price
Fantastic news! We've Found the answer you've been seeking!
Question:
The next series of questions uses the following table. The table contains 5 columns: Quantity Q, Price P, Total Revenue TR, Total Cost TC, and Total Profit. You are given the numbers for the 1st, 2nd, and 4th columns and must find the numbers for the 3rd column (Total Revenue) and the 5th column (Total Profit). I suggest completely filling out the table on a piece of paper. First, calculate total revenue at a quantity of 2.
Quantity Q | Price P | Total Revenue TR | Total Cost TC | Total Profit |
0 | $200 | $20 | ||
1 | $180 | $110 | ||
2 | $160 | $140 | ||
3 | $140 | $160 | ||
4 | $120 | $190 | ||
5 | $100 | $230 | ||
6 | $80 | $270 | ||
7 | $60 | $330 |
Using the previous table, can you determine if this is the short run or long run? Explain.
Long run since there are no fixed costs. |
Short run since there are fixed costs |
Short run since there are positive profits |
Cannot be determined. |
Related Book For
Financial Management for Public Health and Not for Profit Organizations
ISBN: 978-0132805667
4th edition
Authors: Steven A. Finkler, Thad Calabrese
Posted Date: