Thabo 's shoe company hires workers at M500.00/ week and its total fixed cost is M1,000.00...
Thabo 's shoe company hires workers at M500.00/ week and its total fixed cost is M1,000.00 week. The table below sets out the company's short -run activities.
| Labor (Workers per week | Output(Q) Units | Fixed Costs (FC) | Variable Costs(VC) | Total Costs (TC) | Marginal Cost (MC) | Total Revenue(TR) | Marginal Revenue(MR) |
| 0 | 0 | 1000.00 | |||||
| 1 | 30 | ||||||
| 2 | 70 | ||||||
| 3 | 120 | ||||||
| 4 | 160 | ||||||
| 5 | 190 | ||||||
| 6 | 210 | ||||||
| 7 | 220 |
Calculate the FC,VC,TC,MC and MR,fill your results in the table appropriately.
Homework Answers
Here Price Per unit is not provided hence we cannot determine the Total revenue.
Total Revenue = Price * Quantity
As TR is unknown we cannot determine the Marginal Revenue too. The marginal Revenue is calculated as change in TR over change in Q
Other values can be determined from the given information refer the attached picture below
Please multiply Price with quantity then we can calculate the MR
Add Answer to:
Thabo 's shoe company hires workers at M500.00/ week and its
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p=200-5q. There is no fixed cost and the marginal cost of
production is given and it is equal to 50.
Find the total revenue function.
Find marginal revenue (MR).
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Find the quantity (q) that maximizes the profit.
Find price (p) that maximizes the profit.
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Please include graphs (2) from Excel in
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