Homework Answers
Answer
TR=P*Q
TR(0)=0*115=0
TR(1)=1*100=100 and so on (as filled in the column already are
correct)
The marginal revenue of n th unit of output =total revenue of n unit of output – total revenue of n-1 units of output
MR(n)=TR(n)-TR(n-1)
MR(1)=100-0=100 and so on (as in the provided table)
b)
the firm produces at MR=MC or the nearest lower MC
MR=39 and MC=30 at Q=4 units
the firm produces at 4 units
=====
The price is from a table at the output level is $63
====================
c)
Profit=(P-ATC)*Q
=(63-52.5)*4
=42
the profit is $42
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variable
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average
total
coast
marginal
cost
0
na
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na
1
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2
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$42.50
$72.50
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3
$20.00
$40.00
$60.00
$35.00
4
$15.00
$37.50
$52.00
$30.00
5
$12.00
$37.00
$49.00
$35.00
6
$10.00
$37.50
$47.50
$40.00
7
$8.57
$38.57
$47.14
$45.00
8
$7.50
$40.63
$48.13
$55.00
9
$6.67
$43.33
$50.00
$65.00
10
$6.00
$46.50
$52.50
$75.00...
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total
product
average
fixed
cost
average
variable
cost
average
total
coast
marginal
cost
0
na
$0.00
$0.00
na
1
$60.00
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2
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$37.50
$52.00
$30.00
5
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$37.00
$49.00
$35.00
6
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$37.50
$47.50
$40.00
7
$8.57
$38.57
$47.14
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8
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$40.63
$48.13
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