Question

In: Economics

A B C PRODUCT PRICE LARGE SCREEN 100 110 120 $12 MED SCREEN 70 60 $10...

A

B

C

PRODUCT PRICE

LARGE SCREEN

100

110

120

$12

MED SCREEN

70

60

$10

SMALL SCREEN

50

40

30

$8

Please answer the next 6 questions based on the information provided in the table above for a profit-maximizing firm producing HD TVs. Any of the three output combinations of HD TVs can be produced for the same cost. And to produce any one of the combinations requires that the firm operate at full capacity. The profit associated with combination A is $300. The revenue generated from C is $2,180.

  1. The profit generated by producing combination C is _____ dollars.
  2. The revenue generated by producing combination B is _____ dollars.
  3. The cost of producing combination B is ______ dollars.
  4. This firm will earn a profit of_____ dollars.
  5. How many Large Screen tvs will this firm produce? _______
  6. If the product price of a large screen TV increases by $5, ceteris paribus, then this firm will earn a profit of _____ dollars.

Solutions

Expert Solution

Rahul Sunny answered 1 year ago
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