Given: Price Quantity TR MR MC TC Profit $15,000 0 0 ---- ---- 20000 -$20,000 14,000 1
Question:
Given:
Price | Quantity | TR | MR | MC | TC | Profit |
$15,000 | 0 | 0 | ---- | ---- | 20000 | -$20,000 |
14,000 | 1 | 14000 | 14000 | $2,000 | 22000 | -8000 |
13,000 | 2 | 26000 | 12000 | 1000 | $23,000 | 3000 |
12,000 | 3 | 36000 | 10000 | 1000 | $24,000 | 12000 |
11,000 | 4 | 44000 | 8000 | 1000 | $25,000 | 19000 |
10,000 | 5 | 50000 | 6000 | $3,000 | 28000 | 22000 |
9,000 | 6 | 54000 | 4000 | $5,000 | 33000 | 21000 |
8,000 | 7 | 56000 | 2000 | 8000 | $41,000 | 15000 |
7,000 | 8 | 56000 | 0 | $12,000 | 53000 | 3000 |
6,000 | 9 | 54000 | -2000 | 20000 | $73,000 | -19000 |
5,000 | 10 | 50000 | -4000 | $30,000 | 103000 | -53000 |
4,000 | 11 | 44000 | -6000 | 40000 | 143000 | -99000 |
3,000 | 12 | 36000 | -8000 | 60000 | 203000 | -167000 |
a) If this firm produces in the Short Run, determine its profit maximizing/loss minimizing price.
b) If this firm produces in the Short Run, state its profit maximizing/loss minimizing profit amount.
c) If this firm shuts down in the Short Run, determine its profit maximizing/loss minimizing profit amount. Please explain your answer.