c) from q=3 and q=6
d) 320 hundred dollars
e) smaller q = 1, MR= 70
Larger q=8, MR=560
f) None
g) None
h) True, which can be observed in graph
need help with c-h please! 3/11 points| Previous Answers The total revenue and total cost functions...
Consider total cost and total revenue, given in the following table: In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.) Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 0 6 0 1 8 7 2 10 14 3 13 21 4 17 28 5 24 35 6 32 42 7 42 49 In order to maximize profit, how...
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions: TR = 10Q TC = 2 + 2Q + Q2 MC = 2 + 2Q At the level of output maximizing profit , the above firm's level of economic profit is A) $0 B) $4 C) $6 D) $8 *Additional information after I did the math: The price this firm charges for its product is $10, the level of output maximizing profit is 4...
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Question 3-4 SESSION 13 The marginal revenue is the rate of change in total revenue per unit increase in output, Q The marginal cost is the rate of change in total cost per unit increase in output, Q AR is defined as average revenue per unit for the first Q su ccessive units sold. AR is determined by dividing total reven ue by the quantity sold, Q The AR function is equal to price, P. where Pis given by the...
ttempts: ampts: 0 Keep the Highest: 0/3 3. Profit maximization using total cost and total revenue curves Suppose Sean runs a small business that manufactures shirts. Assume that the market for shirts is a competitive market, and the market price is $20 per shirt. The following graph shows Sean's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for shirts quantities zero through seven (inclusive) that Sean...
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Blank 3 options: greater / less Blank 5 options: greater / less Blank 6 options: total revenue + profit / marginal cost + total revenu / total cost + total revenue / total cost + marginal revenue /total cost + profit / marginal cost + marginal revenue Blank 7 options: TC = TR / MC = TR / P = MC / Profit = MR - MC / Profit = TR-TC 1. Profit maximization using total cost and total revenue...
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The graph below shows a monopolist's demand (D), marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves. Management wants to adjust the production output quantity to maximize the firm's profits. What quantity should the firm aim for? Give your answer by dragging the Q line to a new position to mark the quantity at which profit is as large as possible. Price and cost ATC MC MR Quantity
3. Total and average revenue of a monopolist Аа аа Suppose that Manuel Stein is the only seller of kumquats in a small town. The following graph shows the demand and marginal revenue (MR) curves facing Manuel. You can use the red rectangle labeled Total Revenue (cross symbols) to compute total revenue at various prices along the demand curve. To see the area of the Total Revenue rectangle, scroll over the shaded area with your mouse. You will not be...