Homework Answers
| quantity | price | total revenue | marginal revenue |
| 1 | 7.5 | 7.5 | 7.5 |
| 2 | 7 | 14 | = 14 - 7.5 = 6.5 |
| 3 | 6.5 | 19.5 | = 19.5 - 14 = 5.5 |
| 4 | 6 | 24 | = 24 - 19.5 = 4.5 |
| 5 | 5.5 | 27.5 | = 27.5 - 24 = 3.5 |
| 6 | 5 | 30 | = 30 - 27.5 = 2.5 |
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Question 1 (3.5 points) Marginal Revenue 7.50 Total Revenue (dollars) S7.50 14.00 19.50 24.00 Price dollars)...
Quantity Price (dollars) $7.50 7.00 6.50 6.00 5.50 5.00 Total Revenue Marginal (dollars) Revenue $7.50 7.50 14.00 1...
Quantity Price (dollars) $7.50 7.00 6.50 6.00 5.50 5.00 Total Revenue Marginal (dollars) Revenue $7.50 7.50 14.00 19.50 15.50 24.00 4,50 27.50 3.50 30.00, 2.50 a. Fill the rest of the marginal revenue column (0.5 point) b. Draw the demand curve and label the axes for quantities 3 and 4 and the related prices. (ust like I showed you in class) (1 point) c. Calculate the price effect when quantity increases from 3 to 4 units. Be careful about the...
Question 1 (3.5 points) Quantity Price (dollars) $7.50 7.00 6.50 6.00 5.50 5.00 Total Revenue Marginal (dollars) Revenu...
Question 1 (3.5 points) Quantity Price (dollars) $7.50 7.00 6.50 6.00 5.50 5.00 Total Revenue Marginal (dollars) Revenue $7.50 7.50 14.00 19.50 24.00 27.50 30.00 b. Draw the demand curve and label uue axes for quantities 3 and 4 and the related prices. Just like I showed you in class) (1 point) C. Calculate the price effect when quantity increases from 3 to 4 units. Be careful about the signs on these numbers (0.5 point) d. Calculate the quantity effect...
Quantity Price (dollars) $7.50 7.00 6.50 Total Revenue Marginal (dollars) Revenue $7.50 7.50 14.00 16.50 19.50...
Quantity Price (dollars) $7.50 7.00 6.50 Total Revenue Marginal (dollars) Revenue $7.50 7.50 14.00 16.50 19.50 3.50 24.00 4,50 27.50 30.00 2.50 6.00 5.50 3,50 5.00 2. Fill the rest of the marginal revenue column (0.5 point) b. Draw the demand curve and label the axes for quantities 3 and 4 and the related prices. (just like I showed you in class) (1 point) equation o 70 DO 2 C20 +Q=16/p-Pi = P2 -P P=7,50 P2= Q-6, Q2-Q, Q1=1 Qa:...
Output Price (Suits per Total Total Cleaned) Suit ($) Costs ($) Revenue ($) MC ($) MR...
Output Price (Suits per Total Total Cleaned) Suit ($) Costs ($) Revenue ($) MC ($) MR ($) 8.00 3.00 7.50 6.00 1.50 7.00 8.50 6.50 10.50 19.50 0.00 2 3 4 14.00 6.00 11.50 24.00 □ □ 5.50 13.50 27.50 5.00 16.00 30.00 4.50 19.0031.50 4.00 24.00 8 32.00
This question: 1 4 3 of 10 (1 completej > This Quiz: 10 Refer to the...
This question: 1 4 3 of 10 (1 completej > This Quiz: 10 Refer to the table to the right. What portion of the marginal revenues of the 4th unit is due to the output effect and what portion is due to the price effect? (Dollars) $7.00 Total Revenue (Dollars) OA Output effect - $6.50; Price effect $2.00 O B. Output effect $24.00; Price effect = $19.50 OC. Output effect $8.00; Price effect - $1.50 OD Output elect-050 Price et...
Price and marginal revenue (dollars per bottle) The graph shows Minnie's demand curve and marginal revenue...
Price and marginal revenue (dollars per bottle) The graph shows Minnie's demand curve and marginal revenue curve. At what price is Minnie's total revenue maximized and over what price range is the demand for water elastic? Why will Minnie not produce a quantity at which the market demand is inelastic? a Minnie's total revenue is maximized at a price of $ bottle. 56 The demand for water from Minnie's is elastic between the prices of a bottle. O A. zero...
Price per Unit Total Revenue (dollars) Marginal Revenue (dollars) $85 80 75 Quantity Demanded (units) 10...
Price per Unit Total Revenue (dollars) Marginal Revenue (dollars) $85 80 75 Quantity Demanded (units) 10 11 12 Total Cost of Marginal Cost Production (dollars) (dollars) $530 540 550 560 15 16 . • • Fill out the rest of the table. What is the firm's profit maximizing output and what is the price charged to sell this output? • Calculate ATC at the profit maximizing quantity. • When producing the profit maximizing output, what is the amount of the...
Refer to table 4. At which price firm must shut-down? Table 4 Quantity (Q) Marginal costs...
Refer to table 4. At which price firm must shut-down? Table 4 Quantity (Q) Marginal costs (MC) Average variable costs (AVC) Average costs (AC) 0 1 28.00 28.00 $68 2 20.00 24.00 $44 3 16.00 21.33 $35 4 14.00 19.50 $30 5 12.00 18.00 $26 6 17.83 17.83 $25 7 24.00 18.43 $24 8 30.00 19.88 $25 9 40.00 22.11 $27 10 54.00 25.30 $29
Refer to table 4. How much is the total profit at equilibrium price =$30? Table 4...
Refer to table 4. How much is the total profit at equilibrium price =$30? Table 4 Quantity (Q) Marginal costs (MC) Average variable costs (AVC) Average costs (AC) 0 1 28.00 28.00 $68 2 20.00 24.00 $44 3 16.00 21.33 $35 4 14.00 19.50 $30 5 12.00 18.00 $26 6 17.83 17.83 $25 7 24.00 18.43 $24 8 30.00 19.88 $25 9 40.00 22.11 $27 10 54.00 25.30 $29
Quantity Price (dollars) $7.50 7.00 6.50 6.00 5.50 5.00 Total Revenue Marginal (dollars) Revenue $7.50 7.50 14.00 19.50 15.50 24.00 4,50 27.50 3.50 30.00, 2.50 a. Fill the rest of the marginal revenue column (0.5 point) b. Draw the demand curve and label the axes for quantities 3 and 4 and the related prices. (ust like I showed you in class) (1 point) c. Calculate the price effect when quantity increases from 3 to 4 units. Be careful about the...
Question 1 (3.5 points) Quantity Price (dollars) $7.50 7.00 6.50 6.00 5.50 5.00 Total Revenue Marginal (dollars) Revenue $7.50 7.50 14.00 19.50 24.00 27.50 30.00 b. Draw the demand curve and label uue axes for quantities 3 and 4 and the related prices. Just like I showed you in class) (1 point) C. Calculate the price effect when quantity increases from 3 to 4 units. Be careful about the signs on these numbers (0.5 point) d. Calculate the quantity effect...
Quantity Price (dollars) $7.50 7.00 6.50 Total Revenue Marginal (dollars) Revenue $7.50 7.50 14.00 16.50 19.50 3.50 24.00 4,50 27.50 30.00 2.50 6.00 5.50 3,50 5.00 2. Fill the rest of the marginal revenue column (0.5 point) b. Draw the demand curve and label the axes for quantities 3 and 4 and the related prices. (just like I showed you in class) (1 point) equation o 70 DO 2 C20 +Q=16/p-Pi = P2 -P P=7,50 P2= Q-6, Q2-Q, Q1=1 Qa:...
Output Price (Suits per Total Total Cleaned) Suit ($) Costs ($) Revenue ($) MC ($) MR ($) 8.00 3.00 7.50 6.00 1.50 7.00 8.50 6.50 10.50 19.50 0.00 2 3 4 14.00 6.00 11.50 24.00 □ □ 5.50 13.50 27.50 5.00 16.00 30.00 4.50 19.0031.50 4.00 24.00 8 32.00
This question: 1 4 3 of 10 (1 completej > This Quiz: 10 Refer to the table to the right. What portion of the marginal revenues of the 4th unit is due to the output effect and what portion is due to the price effect? (Dollars) $7.00 Total Revenue (Dollars) OA Output effect - $6.50; Price effect $2.00 O B. Output effect $24.00; Price effect = $19.50 OC. Output effect $8.00; Price effect - $1.50 OD Output elect-050 Price et...
Price and marginal revenue (dollars per bottle) The graph shows Minnie's demand curve and marginal revenue curve. At what price is Minnie's total revenue maximized and over what price range is the demand for water elastic? Why will Minnie not produce a quantity at which the market demand is inelastic? a Minnie's total revenue is maximized at a price of $ bottle. 56 The demand for water from Minnie's is elastic between the prices of a bottle. O A. zero...
Price per Unit Total Revenue (dollars) Marginal Revenue (dollars) $85 80 75 Quantity Demanded (units) 10 11 12 Total Cost of Marginal Cost Production (dollars) (dollars) $530 540 550 560 15 16 . • • Fill out the rest of the table. What is the firm's profit maximizing output and what is the price charged to sell this output? • Calculate ATC at the profit maximizing quantity. • When producing the profit maximizing output, what is the amount of the...
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