Quantity Produced, Q |
Total Cost (TC)in $ |
Marginal cost (MC) in $ = change in total cost (TC )/ change in Quantity produced (Q) |
Quantity Demanded, Q |
Price or Average Revenue in $ | Total Revenue(TR)=Price x Quantity demanded |
Marginal Revenue (MR) in $ = change in total revenue (TR )/ change in Quantity demanded (Q) |
Total Profit in $ = TR-TC |
0 | 0 | xxx | 0 | 80 | 0 | xxx | 0 |
1 | 50 | 50 | 1 | 80 | 80 | 80 | 30 |
2 | 102 | 52 | 2 | 80 | 160 | 80 | 58 |
3 | 157 | 55 | 3 | 80 | 240 | 80 | 83 |
4 | 217 | 60 | 4 | 80 | 320 | 80 | 103 |
5 | 285 | 68 | 5 | 80 | 400 | 80 | 115 |
6 | 365 | 80 | 6 | 80 | 480 | 80 | 115 |
7 | 462 | 97 | 7 | 80 | 560 | 80 | 98 |
8 | 582 | 120 | 8 | 80 | 640 | 80 | 58 |
Quesion1
4 units are sold at a price $80
So the total revenue = price x quantity demanded = 80x4 =$320
The total revenue from selling 4th unit is = $320
Answer Option(1) $320
Quesion3
Price of a product is known as average revenue which is given in the question
The price at 4th unit = Average revenue =$80
The average revenue when 4 units are sold = $80
Answer Option(4) $80
Quesion4
The condition of profit maximisation is
1. the profit maximisation level of output the MC=MR
2. the MC should intersects MR from below
Both these above conditions are fulfilled at 6th units therefore Bill maximise profit at 6th unit and the total profit obtained at this quantity is $115 clearly shown in the table
Answer Option(3) 6
Table 14-12 Bill's Birdhouses COSTS REVENUES Quantity Total Produced Cost Marginal Quantity Cost Demanded Price Total...
Table 14-6 John's Vineyard Marginal Cost Marginal Revenue Quantity Produced 0 Quantity Demanded 0 1 1 2 3 4 5 6 7 8 COSTS Total Cost $0 $50 $102 5157 $217 $285 5365 $462 5582 2 3 4 5 6 7 8 REVENUES Total Price Revenue $80 $80 $80 $80 $80 $80 $80 $80 $80 Refer to Table 14-6. What is John's Vineyard's economic profit at its profit-maximizing output level? $25 $75 $115 $225
Total Revenue Marginal Revenue 1) For the following firm in a competitive market, COSTS REVENUES Quantity Total Marginal Quantity Produced Cost Cost Demanded Price SO $80 $50 $80 $102 $80 $157 $80 $217 SSO $285 $80 $365 $80 $462 $80 8 $582 IS $80 a) Fill the column for marginal cost, total revenue and marginal revenue. b) What is interesting about the numbers you find for marginal revenue. c) Based on profit maximization rule that you learned in Chapter 14...
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $50.00 -- 0 $60 -- 1 $75.00 1 $60 2 $101.00 2 $60 3 $128.50 3 $60 4 $158.50 4 $60 5 $192.50 5 $60 6 $232.50 6 $60 7 $281.00 7 $60 8 $341.00 8 $60 Refer to Table 14-13. What is the economic profit at the profit maximizing point for this firm? a. $187.50 b. $139 c. $39 d. $121.50
Question 2 (3 points) Note: It is best to fill out the full table, even if the question doesnt ask for it. It never hurts to practice filling these out. Quantity Produced Marginal Cost Quantity Demand Marginal Revenue COSTS Total Cost SO $50 $102 $157 $217 $285 $365 $462 $582 REVENUES Total Price Revenue $80 $80 $80 $80 $80 $80 $80 $80 $80 5 6 7 8 5 6 7 8 1. What is the marginal cost of the 5th...
Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. COSTS REVENUES Quantity Produced Total Marginal Cost Quantity Demanded Total Revenue Marginal Revenue Cost Price 0 100 120 0 1 150 1 120 2 202 2 120 257 317 120 3 120 4 4 5 385 120 5 465 6 120 6 7 120 562 7 8 120 8 682 20. Refer to Table 14-2. Consumers are willing to pay $120 per unit of port wine....
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...
Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. Quantity Produced Marginal Cost Quantity Demanded Marginal Revenue 0 COSTS Total Cost 100 150 202 257 317 50 52 135 120 I 120 120 00aWN- REVENUES Total Price Revenue 120 120 120 240 120 360 120 480 120 1.00 120 720 120 S4 AUAWN- 385 68 465 562 97 120 120 682 120 31. Refer to Table 14-2. Consumers are willing to pay $120 per unit...
QUESTION 3 Marginal Revenue ($) Marginal Cost (5) Revenue (5) Table: Profit-Maximizing Monopolist Price Quantity Total Average ($) (Units) Cost ($) Cost ($) 11 6 17 10 7 19 9 8 21 8 9 23 17 10 25 Reference: Ref 13-2 (Table: Profit-Maximizing Monopolist) Refer to the table. The profit-maximizing quantity for this monopolist is units O A7 OB.9 OC. 10 D.8
Refer to the figure and table to answer three questions. Marginal cost 14 Price = Marginal revenue Price or Cost(dollars per bushel) 30 NA 3 4 5 6 7 Quantity (bushels of fish per day). Number of Bushels per Price Day Total Revenue Total Cost Total Profit Marginal Marginal Revenue Cost 513 $0 $10 S-10 < Prev 2 of 15 We were unable to transcribe this image
Table 14-9 Suppose that a firm in a competitive market faces the following revenues and costs: Quantity 0 Total Revenue $0 $8 $16 21 3 Total Cost $5 $9 $14 $20 $27 $35 $44 $32 5 $48 7 $56 8 $64 9 $72 Refer to Table 14-9. At which quantity of output is marginal revenue equal to marginal cost? A. 9 units $72 B. 7 units C. 3 units s units