Homework Answers
a)
| P($) | Q | TR ($) = P * Q | MR ($) = ∆TR/∆Q |
| 115 | 0 | 0 | -- |
| 100 | 1 | 100 | 100 |
| 83 | 2 | 166 | 66 |
| 71 | 3 | 213 | 47 |
| 63 | 4 | 252 | 39 |
| 55 | 5 | 275 | 23 |
| 48 | 6 | 288 | 13 |
| 42 | 7 | 294 | 6 |
| 37 | 8 | 296 | 2 |
| 33 | 9 | 297 | 1 |
| 29 | 10 | 290 | -7 |
b) Profit maximizing price = $63
Profit maximizing output = 4
Explanation:
A firm can maximize profit where MR is equal to or greater than MC. From the table, it is seen that MR is greater than MC at an output level of 4 units. The profit maximizing price is $63.
c) Profit = TR - TC
= 252 - (52.50 * 4)
= 252 - 210
= $42
Add Answer to:
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variable
cost
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total
coast
marginal
cost
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na
$0.00
$0.00
na
1
$60.00
$45.00
$105.00
$45.00
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$30.00
$42.50
$72.50
$40.00
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$20.00
$40.00
$60.00
$35.00
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$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
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9
$6.67
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$65.00
10
$6.00
$46.50
$52.50
$75.00...
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producer:
total
product
average
fixed
cost
average
variable
cost
average
total
coast
marginal
cost
0
na
$0.00
$0.00
na
1
$60.00
$45.00
$105.00
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2
$30.00
$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
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8
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