Quantity Price (dollars) $7.50 7.00 6.50 Total Revenue Marginal (dollars) Revenue $7.50 7.50 14.00 16.50 19.50...
Quantity Price (dollars) $7.50 7.00 6.50 6.00 5.50 5.00 Total Revenue Marginal (dollars) Revenue $7.50 7.50 14.00 19.50 15.50 24.00 4,50 27.50 3.50 30.00, 2.50 a. Fill the rest of the marginal revenue column (0.5 point) b. Draw the demand curve and label the axes for quantities 3 and 4 and the related prices. (ust like I showed you in class) (1 point) c. Calculate the price effect when quantity increases from 3 to 4 units. Be careful about the...
Question 1 (3.5 points) Marginal Revenue 7.50 Total Revenue (dollars) S7.50 14.00 19.50 24.00 Price dollars) I57.50 Quantity 7.00 3 4 6.50 6.00 27.50 30.00 5.50 5.00 Fill the rest of the marginal revenue column (0.5 point) b. Draw the demand curve and label the axes for quantities 3 and 4 and the related prices. (just like I showed you in class) (1 point) Calculate the price effect when quantity increases from 3 to 4 units. Be careful about the...
Question 1 (3.5 points) Quantity Price (dollars) $7.50 7.00 6.50 6.00 5.50 5.00 Total Revenue Marginal (dollars) Revenue $7.50 7.50 14.00 19.50 24.00 27.50 30.00 b. Draw the demand curve and label uue axes for quantities 3 and 4 and the related prices. Just like I showed you in class) (1 point) C. Calculate the price effect when quantity increases from 3 to 4 units. Be careful about the signs on these numbers (0.5 point) d. Calculate the quantity effect...
Table 7.3 Farmer Jones' profits from oats farming QUANTITY (BUSHELS) TOTAL REVENUE (TR) TOTAL COST (TC) PROFIT (TR- TC) MARGINAL REVENUE (MR) MARGINAL COST (MC) $0.00 $1.00 -$1.00 4.00 4.00 0.00 $4.00 $3.00 8.00 6.00 2.00 4.00 2.00 12.00 7.50 4.50 4.00 1.50 16.00 9.50 6.50 4.00 2.00 20.00 12.00 8.00 4.00 2.50 24.00 15.00 9.00 4.00 3.00 28.00 19.50 8.50 4.00 4.50 32.00 25.50 6.50 4.00 6.00 36.00 32.50 3.50 4.00 7.00 40.00 40.50 -0.50 4.00 8.00 2.8 In...
Price per Unit Total Revenue (dollars) Marginal Revenue (dollars) $85 80 75 Quantity Demanded (units) 10 11 12 Total Cost of Marginal Cost Production (dollars) (dollars) $530 540 550 560 15 16 . • • Fill out the rest of the table. What is the firm's profit maximizing output and what is the price charged to sell this output? • Calculate ATC at the profit maximizing quantity. • When producing the profit maximizing output, what is the amount of the...
Price and marginal revenue (dollars per bottle) The graph shows Minnie's demand curve and marginal revenue curve. At what price is Minnie's total revenue maximized and over what price range is the demand for water elastic? Why will Minnie not produce a quantity at which the market demand is inelastic? a Minnie's total revenue is maximized at a price of $ bottle. 56 The demand for water from Minnie's is elastic between the prices of a bottle. O A. zero...
Understanding Excess Capacity Homework (Ch 16) Quantity (Board games) Total Cost Marginal Cost (Dollars) (Dollars) Price (Dollars per game) 12.00 10.00 Total Revenue (Dollars) Marginal Revenue (Dollars) Average Total Cost (Dollars) 9.00 4.00 2.00 1.00 AAAAA Under monopolistic competition, a typical firm will produce board games at a price of $ per board game in the short run. Based on your calculations, the firm will Fill in the Average Total Cost column in the previous table. Based on your calculations,...
Refer to the graph below: Price (Dollars) 6,000 Quantity Marginal revenue is zero at Q= 0 1,00 units O O 3,000 units 6,000 units 2,000 units
3. Complete the following table. Where P-Price Q = Quantity TR-Total Revenue and Arc MR Marginal revenue TR Arc MR 100 30 60 90 120 90 70 50 30 10 60 50 40 7500 180 210 240 6300 -50 -70 .90 20 10 2700 300