SSE 103 Homework assignment 5 Student's Name: Due: Topic: Prot maximization Show all the necessary steps and/or reasoning that lead to your answers, No credits will be given to answers without necessary steps and/or reasoning. 1a. Use the following to calculate prot at each quantity of output 0W\" Output Price Total revenue 12ml nos! (0) (P) (TR) (TC) 0 $1,900 $0 $1,000 1 $1,700 $1,700 $2,000 2 $1,650 $3,300 $2,800 3 $1,500 $4,800 $3,500 4 $1,550 $6,200 $4,000 5 $1,500 $7,500 $4,500 6 $1,450 $3,700 $5,200 7 $1,400 $9,800 $6,000 8 $1,350 $10,800 $7,000 9 $1,300 $11,700 $9,000 1b.Use the above table to calculate marginal revenue and marginal cost (Mil) Output Prlce Total revenue Total cost Marginal Marginal (Q) 0") (TR) (11:) revenue cost 0 $1,900 $0 $1,000 1 $1,700 $1,700 $2,000 2 $1,650 $3,300 $2,800 3 $1,600 $4,800 $3,500 4 $1,550 $6,200 $4,000 5 $1,500 $7,500 $4,500 6 $1,450 $8,700 $5,200 7 $1,400 $9,800 $6,000 125% + A View Zoom Add Page Insert Table Chart Text Shape Media Comment Collaborate Format Document 9 $1,300 $11,700 $9,000 1b.Use the above table to calculate marginal revenue and marginal cost (Total) Output Price Total revenue Total cost Marginal Marginal (Q) (P) (TR) (TC) revenue cost $1,900 SO $1,000 $1,700 $1,700 $2,000 $1,650 $3,300 $2,800 $1,600 $4,800 $3,500 $1,550 $6,200 $4,000 6 0O V O UT A W N Y $1,500 $7,500 $4,500 $1,450 $8,700 $5,200 $1,400 $9,800 $6,000 $1,350 $10,800 $7,000 $1,300 $11,700 $9,000 Nothing selected. Select an object or text to format. 1c. Using Excel or grid paper, based on the above information, plot the demand curve, MR curve, MC curve and ATC curve. Label the profit-maximizing quantity and price, total cost, total revenue and profit.125% + A Collaborate Format Document View Zoom Add Page Insert Table Chart Text Shape Media Comment 2. Calculate accounting profit and economic profit for each of the following firms (amounts are in millions of dollars) General Barclays Microsoft Motors Bank Sales $50,091 5730 2750 Wages and salaries 29052 3932 400 cost of equity capital 12100 750 35 interest on deb 7585 275 5 cost of materials 6500 556 1650 Nothing selected. Select an object or text to format