Homework Answers
P=62
it means MR=$62
as the price of the market is given means, the firm is in a perfectly competitive market where
MR=P=AR
P=$52 MR=$52
decrease from 11 units to 10units The firm chooses output at MC=P or nearest
above MC
at P=62
Q=11
at P=52
Q=10 units
profit will decrease from $150 to $26
profit=TR-TC
TR=P*Q
at P=62
TR=62*10=620
Profit=620-475=$145
at P=52
TR=52*10=520
Profit=520-410=$110
1)decrease
2)decrease
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The data in the table to the right give the total cost, C, and marginal cost,...
The data in the following table give information about the price P (in dollars) for which...
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 n. Fill in the blanks in the following table. (Enter your responses using integers.) P = 46 P= 40 C MC R MR T R MR TT...
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Hello, I need help with this. Would it be 1 to 0? The data in the...
Hello, I need help with this. Would it be 1 to 0?
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 n. Fill in the blanks in the following table. (Enter your responses using integers.) P...
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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 n. Fill in the blanks in the following table. (Enter your responses using integers.) P = 46 P= 40 C MC R MR T R MR TT...
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Hello, I need help with this. Would it be 1 to 0?
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is quantity and Using the data in the following table, show what happens to the firm's output choice and profit if the fixed cost of production increases from $100 to $150 to $170, where C is total cost. Assume that the price of output is $56. 9 MC C FC = $100) C (FC - $150) CFC = $170) 170 220 150 200 248 2448 269 262 280 300 322 22 250 272 310 38 355 405 10 55 410...
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