TR = Price * Quantity
MR = TRN - TRN-1
Total cost = Fixed cost + Variable cost
Average fixed cost = Fixed cost / Output
Average variable cost = Variable cost / Output
Average total cost = Total cost / Output
Output | Variable cost | Fixed cost | Total cost | Avg variable cost | Avg fixed cost | Avg total cost | Total revenue | Marginal revenue | Marginal cost | Profit |
0 | 0 | 200 | 200 | - | - | - | 0 | - | - | -200 |
10 | 50 | 200 | 250 | 5.00 | 20.00 | 25.00 | 100 | 100 | 50 | -150 |
20 | 90 | 200 | 290 | 4.50 | 10.00 | 14.50 | 200 | 100 | 40 | -90 |
30 | 160 | 200 | 360 | 5.33 | 6.67 | 12.00 | 300 | 100 | 70 | -60 |
40 | 225 | 200 | 425 | 5.63 | 5.00 | 10.63 | 400 | 100 | 65 | -25 |
50 | 300 | 200 | 500 | 6.00 | 4.00 | 10.00 | 500 | 100 | 75 | 0 |
60 | 395 | 200 | 595 | 6.58 | 3.33 | 9.92 | 600 | 100 | 95 | 5 |
70 | 510 | 200 | 710 | 7.29 | 2.86 | 10.14 | 700 | 100 | 115 | -10 |
80 | 640 | 200 | 840 | 8.00 | 2.50 | 10.50 | 800 | 100 | 130 | -40 |
Profit is maximum when 60 units are produced. At this level there is a profit of 5.
Output | Variable cost | Fixed cost | Total cost | Avg variable cost | Avg fixed cost | Avg total cost | Price | Total revenue | Marginal revenue | Marginal cost | Profit |
0 | 0 | 200 | 200 | - | - | - | 18 | 0 | - | - | -200 |
10 | 50 | 200 | 250 | 5.00 | 20.00 | 25.00 | 17 | 170 | 170 | 50 | -80 |
20 | 90 | 200 | 290 | 4.50 | 10.00 | 14.50 | 16 | 320 | 150 | 40 | 30 |
30 | 160 | 200 | 360 | 5.33 | 6.67 | 12.00 | 15 | 450 | 130 | 70 | 90 |
40 | 225 | 200 | 425 | 5.63 | 5.00 | 10.63 | 14 | 560 | 110 | 65 | 135 |
50 | 300 | 200 | 500 | 6.00 | 4.00 | 10.00 | 13 | 650 | 90 | 75 | 150 |
60 | 395 | 200 | 595 | 6.58 | 3.33 | 9.92 | 12 | 720 | 70 | 95 | 125 |
70 | 510 | 200 | 710 | 7.29 | 2.86 | 10.14 | 11 | 770 | 50 | 115 | 60 |
80 | 640 | 200 | 840 | 8.00 | 2.50 | 10.50 | 10 | 800 | 30 | 130 | -40 |
Profit is maximized when 50 units are produced and the profit level is 150.
please fill in the empty spot on the table! also can you show me the equation...
Fill out the table, answer questions at the end. Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Perfect Competition Price of output: $10 Fixed costs: $200 Avg Variable Fixed Total Variable Avg Fixed Output Cost Cost Cost Cost Cost $0 10 $50 $250 $20.00 20 $90 $4.50 30 $160 $360 $5.33 $6.67 $225 $300 $500 $6.00 $4.00 $395 70 $510 $710 $7.29 $2.86 80 $640 $8.00 1. What is the profit-maximizing level of output? 2. What are profits at...
In perfect competition the price is ALWAYS $10. In the monopoly, the price changes. Perfect Competition Price of output: $10 Fixed costs: $200 Variable Cost Fixed Cost Total Cost Avg Variable Avg Fixed | Cost Cost Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Output SO $0 $14.50 $10.63 $100 $200 $300 $400 $500 $600 $700 $800 $9.92 $10.50 $50 $250 $20.00 $90 $4.50 $160 $360 $5.33 $6.67 $225 $300 $500 $6.00 $4.00 $395 $510 $710 $7.29 $2.86 80...
Table 7.3 Farmer Jones' profits from oats farming QUANTITY (BUSHELS) TOTAL REVENUE (TR) TOTAL COST (TC) PROFIT (TR- TC) MARGINAL REVENUE (MR) MARGINAL COST (MC) $0.00 $1.00 -$1.00 4.00 4.00 0.00 $4.00 $3.00 8.00 6.00 2.00 4.00 2.00 12.00 7.50 4.50 4.00 1.50 16.00 9.50 6.50 4.00 2.00 20.00 12.00 8.00 4.00 2.50 24.00 15.00 9.00 4.00 3.00 28.00 19.50 8.50 4.00 4.50 32.00 25.50 6.50 4.00 6.00 36.00 32.50 3.50 4.00 7.00 40.00 40.50 -0.50 4.00 8.00 2.8 In...
Plz help me fill the the AVC row in this chart. also can you tell me what’s suppose to be hightlighted for question 7? And explain question 8 to me? The talde below represents the output and cost structure for a tim. The market is perfectly petitive, and the market price is $10. Total costs include all implicit opportunity costs y Marginal Maral Cost Revenue Total Average Total Cost Average Variable Cost een Profi 1. Calculate the firm's profit at...
Consider the table 7-2. a. If the market price is $2.22 determine the profit maximizing output. b. If the market price is $1.50 determine the profit maximizing output. c. If the market price is $5.00 determine the profit maximizing output. Marginal Cost (MC) (10) (6) 20 140 TABLE 7-2 Short-Run Costs: Fixed Capital and Variable Labour Inputs Output Total Costs Average Costs Capital Labour Fixed Variable Total Fixed Variable Total (K) (L) (2) (TFC) (TVC) (TC) (AFC) (AVC) (ATC) (2)...
Suppose a pure monopolist is faced with the cost data shown in the table on the left and the demand schedule shown on the right a. Calculate the missing total-revenue and marginal-revenue amounts 66.00 Instructions: Enter your answers as whole numbers in the gray-shaded cells. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Production and Costs Demand Total Average Fixed Average Average Total Marginal Quantity Total Marginal Price...
QUESTION 5 The table at the bottom of the page is a schedule of a firm's fixed cost and variable cost. Complete the table by computing total cost, average fixed cost, average total cost, and marginal cost. Average Variable Output Total Fixed Cost TEC Total Variable Cost TVC Total Cost TC Average Fixed Cost AFC Cost Average Total Cost ATC Marginal Cost MC Q7 AVC $200 $200 50 $50.00 45.00 40.00 160 $200 $200 $200 $200 $200 $200 220 300...
Fill the table with the values of Marginal Cost given that the Average Variable Cost is at its lowest point. and in order to maximise economic profit, how should the firm alter its level of production? (e.g. increase, decrease or remain unchanged). Briefly explain why. Use the table below to answer the following 5 questions: Question 20 - Question 24. Output , A Total Cost Average | Total Total Variable Cost Cost Average Variable Cost Total Fixed Cost Average Marginal...
3. In the following table, fill in the blanks after you have completed the entire table, determine the profit-maximizing output. Feel free to create columns in excel and provide the answer. Output Price Total Revenue Marginal Revenue Total Cost Marginal Cost Total Profit 1 $20 $40 ($20) 2 50 3 60 4 65 $5 5 85 6 $120 120
1A Marginal revenue for a monopoly firm is: not related to the price that the monopolist charges for its products. less than the price that the monopolist charges for its products. always greater than the price that the monopolist charges for its products. equal to the price that the monopolist charges for its products. 1B Regarding monopoly firms, our text concludes that: firms which have been granted monopoly status by a government are less-efficient and provide a lower-quality and higher-priced...