Quantity 0 1 2 3 4 5 AR-MR Total Cost -PS 40 40 40 40 40...

Transcribed Image Text:

Quantity 0 1 2 3 4 5 AR-MR Total Cost -PS 40 40 40 40 40 40 $ 30 50 68 102 148 200 Total Revenue $ Net Revenue S Problem 1 c: Given quantity (Q). Average Revenue = Marginal Revenue = Price (AR= MR =P) and Total Costs (TC), calculate Total Revenue (TR) and Net Revenue (NR). (Enter your answers into the answers boxes in the above table. You do not need to enter the S sign.) Formulas (1) TR = P x Q (2) NR= TR - TC (1) The type of firm represented in the previous question is a (2) Is the represented firm in a "profit-maximizing" or a "loss-minimizing situation"? firm (3) The quantity of output that this firm should produce to maximize profits (or minimize losses) is units. Quantity 0 1 2 3 4 5 AR-MR Total Cost -PS 40 40 40 40 40 40 $ 30 50 68 102 148 200 Total Revenue $ Net Revenue S Problem 1 c: Given quantity (Q). Average Revenue = Marginal Revenue = Price (AR= MR =P) and Total Costs (TC), calculate Total Revenue (TR) and Net Revenue (NR). (Enter your answers into the answers boxes in the above table. You do not need to enter the S sign.) Formulas (1) TR = P x Q (2) NR= TR - TC (1) The type of firm represented in the previous question is a (2) Is the represented firm in a "profit-maximizing" or a "loss-minimizing situation"? firm (3) The quantity of output that this firm should produce to maximize profits (or minimize losses) is units.

Answer rating: 100% (QA)

To calculate Total Revenue TR we can use the formula TR P x Q where P is the price and Q is the ... View the full answer