Question

In: Economics

Fill in the missing data for price (P), total revenue (TR), marginal revenue (MR), total cost...

  1. Fill in the missing data for price (P), total revenue (TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table:

Q

P

TR=P×Q

MR=ΔTR/ΔQ

TC

MC=ΔTC/ΔQ

π

Mπ=Δπ/ΔQ

0

$160

$0

0

$0

0

$0

0

1

150

150

150

25

25

125

125

2

140

280

130

55

30

225

100

3

130

390

110

90

35

300

75

4

120

480

90

130

40

350

50

5

110

550

70

175

45

375

25

6

100

600

50

230

55

370

5

7

90

630

30

290

60

340

-30

8

80

640

10

355

                    65

285

-55

9

70

630

-10

430

75

200

-85

10

60

600

-30

525

95

75

-125

Graph the firm’s demand curve and marginal revenue curve.

Graph the firm’s total cost curve, total revenue curve, and total profit curve.

Solutions

Expert Solution

Answer : The demand curve and marginal revenue curve re shown in the following picture's diagram.

Total cost curve, total revenue curve and total profit curve are shown by the following picture's diagram.


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