Question

4 of 13 (12 complete) HW Score: 84.21%, 16 of 19 pt Score: 0 of 3 pts Exercise 1 Question Help 2 The data in the following table give information about the price P (in dollars) for which a firm can sell a unit of output and the total cost of production, where quantity is q, total cost is C, marginal cost is MC, total revenue is R, marginal revenue is MR, and profit is 1. Fill in the blanks in the following table. (Enter your responses using integers.) P = 44 RMRA P = 56 9 CMCR MR 100 150 Question Viewer 6 250 11 475

Answer 1

Total revenue is the product of price and the quantity produced. So, here “P=56” implied we can get the TR for each unit of output produced. The MR is the additional revenue for additional unit of output produced. The profit is the difference between TR and TC, the following table shows the TR, MR, and profit for each unit of output produced.

Q C -100 0 AER-C -100 -106 -90 -66 8.00 van WNO MC 100 150 178 198 212 230 250 272 310 355 410 475 P = 56 P = 44 R=P*QMRAER- CR=P* MR 0 50 56 44 28 112 56 -66 20 168 132 14 224 176 18 280 20 336 86 264 56 120 308 448 138 352 45 504 149 396 55 560 56 150 440 65 616 141 484 220 392 38 9 10 11 9