Homework Answers
47. It is where TC = TR, which is at two points Q=4 and Q=12. Right answer is C.
48. C. $42 is the right answer (revenue = 225, cost = 183)
49. Fixed cost = $22 (it is the cost where Q=0). Quantity at profit maximizing point = 9. Hence average fixed cost for profit maximizing output = 22/9 = $2.44 (Option D)
50. Losses are when TR < TC. This happens when Q <4 and when Q>12. Right option is D.
51. Cost at profit maximizing output = 183. Fixed cost = 22. Hence variable cost = 161. Average variable cost = 161/9 = $17.89 (Option B is the right answer)
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**Questions 47 to 51 are based on the following diagram ** Tc curve 250 TR curve...
3. Given the data below, compute TR, TC, TFC, TVC, ATC, AVC, AFC, MR, MC, AR,...
3. Given the data below, compute TR, TC, TFC, TVC, ATC, AVC, AFC, MR, MC, AR, and Profit 1 2 3 6 7 8 9 10 11 0 TC = 10 +570 - 80+ TR = 452 - 0 50. Find the profit maximizing level of output and graph all the curves. Note: for both problems. Graph all the total curves together on one graph Graph all the average and marginal curves together on one graph Graph the profit curve...
7. Given the following function TR(x)--3x2 + 260x TC(x) = 5,500 + 50x a. Find the...
7. Given the following function TR(x)--3x2 + 260x TC(x) = 5,500 + 50x a. Find the revenue maximizing level of output (check 2a order conditions also). b. Find the maximum revenue c. Find the corresponding profit function d. Find the profit maximizing level of output (check 2nd order conditions also) e. Find the maximum profit
6. Given the following function TR(Q) -600Q -40 TC(Q) = 1000 + 10,200 a. b. c....
6. Given the following function TR(Q) -600Q -40 TC(Q) = 1000 + 10,200 a. b. c. d. e. Find the revenue maximizing level of output (check 2ad order conditions also), Find the maximum revenue Find the corresponding profit function Find the profit maximizing level of output (check 2nd order conditions also) Find the maximum profit
Consider a competitive rm with total costs given by TC(q) = 100 + 10q + q^2,...
Consider a competitive rm with total costs given by TC(q) = 100 + 10q + q^2, The firm faces a market price p = 50. (a) Write expressions for total revenue TR and marginal revenue MR as functions of output q. (b) Write expressions for average total cost ATC, average variable cost AVC, and marginal cost MC as functions of output q. (c) For what value of output is ATC minimized? (d) Find the profit maximizing level of output q...
Please answer parts F, G, H, I. Thank you in advance MC=5 4. (51 points) The...
Please answer parts F, G, H, I.
Thank you in advance
MC=5 4. (51 points) The inverse demand function a monopoly faces is P = 100 – Q. The firm's cost curve is TC(Q) = 10 +5Q (a) (3 points) What is the monopolist's marginal revenue curve? TR=(P)(Q) TR=(100-Q)(Q) MR=100-2Q (b) (3 points) What is the monopolist’s marginal cost curve? (c) (3 points) What level of output maximizes the monopolist's profits? MR=MC -> 100-2Q=5 –> Q=47.5 Units (d) (4 points)...
Answer A-H Please Answer the following Questions for a Monopoly Firm. Price Quantity TR MR MC...
Answer A-H Please Answer the following Questions for a Monopoly Firm. Price Quantity TR MR MC TC Profit $15,000 0 ---- ---- $50,000 14,000 1 $52,000 13,000 2 $53,000 12,000 3 54,000 11,000 4 $2,000 10,000 5 59,000 9,000 6 4,000 8,000 7 $69,000 7,000 8 $8,000 6,000 9 5,000 10 4,000 11 $18,000 3,000 12 $143,000 a) Fill in the missing information above for this Monopoly Firm for its monthly production. Note there are no numbers for MC and...
The graph below shows the TC and TVC curves of Galbraith's Globes Inc., a perfectly competitive...
The graph below shows the TC and TVC curves of Galbraith's Globes Inc., a perfectly competitive firm. a. If the price is $20, draw the total revenue curve, and label it TR Plot only the endpoints of the curve below Once all points have been plotted click on the line (not individual points) and a tool icon will pop up. You can use this to enter exact co-ordinates for your points as needed. 0 TVC Tools Total revenue Total costs/revenues...
6. Given the following function TR(R) 6000 -40 TCQ) 1000 +10,200 a. Find the revenue maximizing...
6. Given the following function TR(R) 6000 -40 TCQ) 1000 +10,200 a. Find the revenue maximizing level of output (check 2d order conditions also), b. Find the maximum revenue c. Find the corresponding profit function d. Find the profit maximizing level of output (check 2nd order conditions also) e. Find the maximum profit 7. Given the following function TR(x)-3x260x TC(x) = 5,500 + 50x a. Find the revenue maximizing level of output check 2d order conditions also), b. Find the...
Q TR TC MR MC 0 0 3 - - 1 6 5 6 2 2...
Q TR TC MR MC 0 0 3 - - 1 6 5 6 2 2 12 8 3 18 12 4 24 17 5 30 23 6 36 30 7 42 38 8 48 47 TO CALCULATE MAXIMAZING LEVEL OF OUTPUT AND THEN SKETCH A GRAPH TO REPRESENT MR AND MC DATA
1.) Both total revenues (TR) and total costs (TC) are likely to be affected by changes...
1.) Both total revenues (TR) and total costs (TC) are likely to be affected by changes in the output. True or False 2.) Profit is the unit contribution margin multiplied by the number of units minus the fixed component of the total costs (TC). True or False 3.) The average selling price is $.60 per unit, the average variable cost is $.36 per unit, and the total fixed costs are $1,500. If operating profits of $900 are desired, what is...
3. Given the data below, compute TR, TC, TFC, TVC, ATC, AVC, AFC, MR, MC, AR, and Profit 1 2 3 6 7 8 9 10 11 0 TC = 10 +570 - 80+ TR = 452 - 0 50. Find the profit maximizing level of output and graph all the curves. Note: for both problems. Graph all the total curves together on one graph Graph all the average and marginal curves together on one graph Graph the profit curve...
7. Given the following function TR(x)--3x2 + 260x TC(x) = 5,500 + 50x a. Find the revenue maximizing level of output (check 2a order conditions also). b. Find the maximum revenue c. Find the corresponding profit function d. Find the profit maximizing level of output (check 2nd order conditions also) e. Find the maximum profit
6. Given the following function TR(Q) -600Q -40 TC(Q) = 1000 + 10,200 a. b. c. d. e. Find the revenue maximizing level of output (check 2ad order conditions also), Find the maximum revenue Find the corresponding profit function Find the profit maximizing level of output (check 2nd order conditions also) Find the maximum profit
Please answer parts F, G, H, I.
Thank you in advance
MC=5 4. (51 points) The inverse demand function a monopoly faces is P = 100 – Q. The firm's cost curve is TC(Q) = 10 +5Q (a) (3 points) What is the monopolist's marginal revenue curve? TR=(P)(Q) TR=(100-Q)(Q) MR=100-2Q (b) (3 points) What is the monopolist’s marginal cost curve? (c) (3 points) What level of output maximizes the monopolist's profits? MR=MC -> 100-2Q=5 –> Q=47.5 Units (d) (4 points)...
The graph below shows the TC and TVC curves of Galbraith's Globes Inc., a perfectly competitive firm. a. If the price is $20, draw the total revenue curve, and label it TR Plot only the endpoints of the curve below Once all points have been plotted click on the line (not individual points) and a tool icon will pop up. You can use this to enter exact co-ordinates for your points as needed. 0 TVC Tools Total revenue Total costs/revenues...
6. Given the following function TR(R) 6000 -40 TCQ) 1000 +10,200 a. Find the revenue maximizing level of output (check 2d order conditions also), b. Find the maximum revenue c. Find the corresponding profit function d. Find the profit maximizing level of output (check 2nd order conditions also) e. Find the maximum profit 7. Given the following function TR(x)-3x260x TC(x) = 5,500 + 50x a. Find the revenue maximizing level of output check 2d order conditions also), b. Find the...
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