Homework Answers
| P | Q | TR | Arc MR | Marginal revenue |
| 100 | 0 | 0 | ||
| 90 | 30 | 2700 | 90 | 2700 |
| 80 | 60 | 4800 | 70 | 2100 |
| 70 | 90 | 6300 | 50 | 1500 |
| 60 | 120 | 7200 | 30 | 900 |
| 50 | 150 | 7500 | 10 | 300 |
| 40 | 180 | 7200 | -10 | -300 |
| 30 | 210 | 6300 | -30 | -900 |
| 20 | 240 | 4800 | -50 | -1500 |
| 10 | 270 | 2700 | 70 | -2100 |
| 0 | 300 | 0 | -90 | -2700 |
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3. Complete the following table. Where P-Price Q = Quantity TR-Total Revenue and Arc MR Marginal...
P ($/pound) Q (pound) TR ($) MR ($) TC ($) MC ($) ATC ($/pound) 100 0...
P ($/pound) Q (pound) TR ($) MR ($) TC ($) MC ($) ATC ($/pound) 100 0 --- 0 --- --- 90 1 30 80 2 60 70 3 90 60 4 120 50 5 150 40 6 180 30 7 210 20 8 240 10 9 270 0 10 300 a. Complete the chart.
The table below shows data for the production of avocados for an individual firm operating in...
The table below shows data for the production of avocados for an individual firm operating in a perfectly competitive market. Quantity of avocados Total Revenue Total Costs 0 0 10 10 60 30 20 120 40 30 180 60 40 240 90 50 300 130 60 360 180 70 420 240 80 480 310 2. Given this data, complete the table: Quantity of avocados Marginal Revenue (MR) Marginal Costs (MC) Profit 0 10 20 30 40 50 60 70 80
Circle the quantity that maximizes total revenue (TR) for the marginal revenue (MR) function Q =...
Circle the quantity that maximizes total revenue (TR) for the marginal revenue (MR) function Q = 75 – 7P A.38.25 B. 44.48 C. 49.41 D. 50.50 E. 59.30 F. 75.00
TR P Q TC MC ATC profit&nbs
TR P Q TC MC ATC profit 120 120 1 130 / 130 -10 satisfies 180 90 2 150 20 75 30 fair 180 60 3 180 30 60 0 profit max 160 40 4 220 40 55 -60 prod eff 150 30 5 270 50 54 -120 alloc eff 120 20 6 330 60 55 -210 nothing satisfied Under discrimination Q = 4, so TC = 220 while TR equals 120 + 90 + 40+ 60 = 310 and...
The table below shows the marginal revenue and costs for a monopolist. Demand, Costs, and Revenues Price Quantity M...
The table below shows the marginal revenue and costs for a monopolist. Demand, Costs, and Revenues Price Quantity Marginal Revenue (dollars) Demanded (dollars) $130 200 $110 120 300 90 110 400 70 100 500 SO 90 600 30 80 700 10 Marginal Cost Average Total Cost (dollars) dollars) $25 $139.00 32 103.30 40 87.50 50 8 0.00 62 77.00 77 7 7.00 What is the monopolist's profit at the profit maximizing level of output? $10,000 $50,000 $80,000 $0
#1 1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70...
#1
1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70 60 50 40 TC 200 400 600 800 800 1,000 1.200 1.400 a) Is the firm a price-taker or price searcher? Explain. b) Complete the Total Revenue (TR) and Profit schedules. c) How many units of output (Q) should the firm produce to maximize profits? d) What price (P) should the...
The figure at right shows the demand curve, marginal revenue curve, and cost curves for a...
The figure at right shows the demand curve, marginal revenue curve, and cost curves for a monopolist. 100- To the nearest unit, the profit-maximizing quantity for the 90- units. monopolist is 80- MC To the nearest dollar, the profit-maximizing price for the 70- monopolist is $ 60+ ATC To the nearest dollar, total revenue for the monopolist is $ 50- and total cost is $ 40+ 30- To the nearest dollar, the monopolist's profit is $ 20- D 10- MR:...
Use the cost and revenue data to answer the questions. Quantity 15 Price 90 80 70...
Use the cost and revenue data to answer the questions. Quantity 15 Price 90 80 70 30 Total revenue 1350 2400 3150 3600 3750 3600 Total cost 900 1500 2250 45 60 3150 Ls 75 60 50 40 4200 90 5400 If the firm is a monopoly, what is marginal revenue when quantity is 302 MR = $ Use the cost and revenue data to answer the questions. Price Quantity 10 Total revenue 900 Total cost 90 675 15 80...
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost|...
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost| | 4 90 360 300 6 80 480 420 8 70 560 560 10 60 720 50 600 600 560 12 14 900 40 1100 What is marginal revenue when quantity is 10? What is marginal cost when quantity is 12? If this firm is a monopoly, at what quantity will profit be maximized? quantity: 6 If this is a perfectly competitive market, which...
Please complete #4 4. The data below is for a firm in a perfectly competitive market....
Please complete #4
4. The data below is for a firm in a perfectly competitive market. Complete the following table by calculating Average Cost (AC) and Marginal Cost (MC) for the various levels of output. (5 marks) Output (Q Total Marginal Cost (MC) Total Cost Average Cost (AC) (AR-MR) Revenue (TR) $45 72 87 $30 30 60 120 150 180 210 240 270 94.50 105 135 180 240 330 4 30 (a) At what levels of output will the firm...
The table below shows the marginal revenue and costs for a monopolist. Demand, Costs, and Revenues Price Quantity Marginal Revenue (dollars) Demanded (dollars) $130 200 $110 120 300 90 110 400 70 100 500 SO 90 600 30 80 700 10 Marginal Cost Average Total Cost (dollars) dollars) $25 $139.00 32 103.30 40 87.50 50 8 0.00 62 77.00 77 7 7.00 What is the monopolist's profit at the profit maximizing level of output? $10,000 $50,000 $80,000 $0
#1
1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70 60 50 40 TC 200 400 600 800 800 1,000 1.200 1.400 a) Is the firm a price-taker or price searcher? Explain. b) Complete the Total Revenue (TR) and Profit schedules. c) How many units of output (Q) should the firm produce to maximize profits? d) What price (P) should the...
The figure at right shows the demand curve, marginal revenue curve, and cost curves for a monopolist. 100- To the nearest unit, the profit-maximizing quantity for the 90- units. monopolist is 80- MC To the nearest dollar, the profit-maximizing price for the 70- monopolist is $ 60+ ATC To the nearest dollar, total revenue for the monopolist is $ 50- and total cost is $ 40+ 30- To the nearest dollar, the monopolist's profit is $ 20- D 10- MR:...
Use the cost and revenue data to answer the questions. Quantity 15 Price 90 80 70 30 Total revenue 1350 2400 3150 3600 3750 3600 Total cost 900 1500 2250 45 60 3150 Ls 75 60 50 40 4200 90 5400 If the firm is a monopoly, what is marginal revenue when quantity is 302 MR = $ Use the cost and revenue data to answer the questions. Price Quantity 10 Total revenue 900 Total cost 90 675 15 80...
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost| | 4 90 360 300 6 80 480 420 8 70 560 560 10 60 720 50 600 600 560 12 14 900 40 1100 What is marginal revenue when quantity is 10? What is marginal cost when quantity is 12? If this firm is a monopoly, at what quantity will profit be maximized? quantity: 6 If this is a perfectly competitive market, which...
Please complete #4
4. The data below is for a firm in a perfectly competitive market. Complete the following table by calculating Average Cost (AC) and Marginal Cost (MC) for the various levels of output. (5 marks) Output (Q Total Marginal Cost (MC) Total Cost Average Cost (AC) (AR-MR) Revenue (TR) $45 72 87 $30 30 60 120 150 180 210 240 270 94.50 105 135 180 240 330 4 30 (a) At what levels of output will the firm...
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