Write MC, TR, or MR on each row. If the rows are neatly labeled, there is...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Write MC, TR, or MR on each row. If the rows are neatly labeled, there is no need to include the letters). i. Marginal Cost (Column III) (2) (Note: Q is changing by one unit) ii. Total Revenue (Column V) iii. Marginal Revenue (Column VI) Table 1: I || Total Cost III IV V VI Quantity (TC) Marginal Cost Average (MC) Total Revenue Revenue Marginal Revenue (Price) (TR) (MR) (Q) 1 56 80 1.5 [A] [N] 2 84 70 [H] 2.5 [B] 3 96 60 [1] 3.5 [C] [P] 4 104 50 [J] 4.5 [D] 5 120 40 [K] 5.5 [R] 6 156 30 [L] 6.5 [S] 7 224 20 [M] (b) From Table 1 above, the profit maximising quantity of output is 4 units (if the numbers for MC and MR had been graphed). Given this output, calculate the following: i. Price at the profit maximising output: . ii. ATC (TC/Q) at the profit maximising output. iii. Profit per unit of output (Price - ATC) at the profit maximising output: iv. Total Profit at the profit maximising output: Write MC, TR, or MR on each row. If the rows are neatly labeled, there is no need to include the letters). i. Marginal Cost (Column III) (2) (Note: Q is changing by one unit) ii. Total Revenue (Column V) iii. Marginal Revenue (Column VI) Table 1: I || Total Cost III IV V VI Quantity (TC) Marginal Cost Average (MC) Total Revenue Revenue Marginal Revenue (Price) (TR) (MR) (Q) 1 56 80 1.5 [A] [N] 2 84 70 [H] 2.5 [B] 3 96 60 [1] 3.5 [C] [P] 4 104 50 [J] 4.5 [D] 5 120 40 [K] 5.5 [R] 6 156 30 [L] 6.5 [S] 7 224 20 [M] (b) From Table 1 above, the profit maximising quantity of output is 4 units (if the numbers for MC and MR had been graphed). Given this output, calculate the following: i. Price at the profit maximising output: . ii. ATC (TC/Q) at the profit maximising output. iii. Profit per unit of output (Price - ATC) at the profit maximising output: iv. Total Profit at the profit maximising output:
Expert Answer:
Posted Date:
Students also viewed these economics questions
-
Homework 5 When we discussed Present Value Techniques in connection with Concepts Statement No. 7 we encountered the proposed use of probabilities interacting with $ amounts to form an estimate of a...
-
Define the contextual-equivalence relation ` M =ctx M0 : for pairs of PCF terms M, M0 , PCF types , and PCF type environments . [3 marks] (ii) For PCF terms M and N with respective typings ` M : and...
-
Developments in Technology Light is incident from air on the end face of a multimode optical fibre at angle of incidence as shown below. n n 1 2 The refractive indices of the core and cladding are...
-
A score of X = 75 is measured in a population with a mean of = 100. A z-score of z = +1.50 is calculated. Without knowing the standard deviation, explain why the z-score of z = +1.50 is incorrect.
-
130 % of $455 is what amount?
-
Given the information in Exercise 10.29, construct a 99% confidence interval for the population mean, then reach a conclusion regarding whether could actually be equal to the value that has been...
-
In your view, what is the main contribution of the BlackScholes model?
-
Describe the different ways in which capital can be transferred from suppliers of capital to those who are demanding capital.
-
Let A[1n] be an array of n positive and negative numbers. The minimum subarray of A is a contiguous subarray of A which has the smallest sum. Please give the divide-and-conquer algorithm to compute...
-
can someone help me with this one ????. Exercises for Understanding 1. Gawa Agad Repair Shop had been in operation for two years. Balances of the accounts as of July 1, 2019 are shown in the form...
-
Do you think it matters what kind of political system (authoritarian vs. democracy) is in place for economic development to occur? Why?
-
Assess the job your representative (Grace F. Napolitano) is doing for you. Answer these questions, providing specific evidence to support each response: 1) Is this person acting as your delegate? 2)...
-
Fill in the table below for the following zero-coupon bonds, all of which have par values of $1,000. Use semi-annual periods. (Do not round intermediate calculations. Round your answers to 2 decimal...
-
Focus on the North American Free Trade Agreement (NAFTA), which became the United States -- Mexico -- Canada Agreement (USMCA) as of July 1, 2020. Begin with reading pages 271-274 (Regional Economies...
-
I must answer questions regarding the movie my cousin Vinny and answer some of these questions. Name the movie and the year the movie was produced. What is the main plot of the movie? Briefly state...
-
Which of these steps helps to form the habit of positive thinking and to boost your success? Take Short, Frequent Breaks Motivate othersO Focus on Multitask Dwell on past successes Avoid food
-
In muscle tissue, the ratio of phosphorylase a to phosphorylase b determines the rate of conversion of glycogen to glucose 1phosphate. Classify how each event affects the rate of glycogen breakdown...
-
Discuss the ratios computed for Lomax Company in problems 13, 14, 15, and 16. What is your assessment of the performance and future potential of Lomax Company? Problems 13 The following reserve table...
-
Use responsibility accounting to define an organizational subunit as a cost centre, expense centre, revenue centre, profit centre, or investment centre.
-
Compare financial and non-financial performance, and explain why management control systems should consider both.
Study smarter with the SolutionInn App