Draw the MR, MC, AVC, ATC, Demand, supply, MC and MR for the following situations. For...

Draw the MR, MC, AVC, ATC, Demand, supply, MC and MR for the following situations. For each of these situations show the total revenue, total cost area, and shade the profit or loss area, and if the situation is a shut down state why it should shutdown.

a.A monopolist showing a profit

b.A monopolist showing a loss but not a shut-down

c.A monopolist at a break-even point

d.Difference between a monopolist and a perfectly competitive firm for a profit situation on the same graph space.

Expert Solution

Rahul Sunny answered 1 year ago

Complete the columns for TR, MR, TFC, TVC, TC, ATC, AVC, and MC, as well as those for (TC), TVC, & TFC. Draw the curves for Demand (Price Vs. Quantity), MR (Marginal Revenue), ATC, AVC, and MC

QPTrMrTFCTVCTCMCATCAVCT(π)0$19.00$4.001$18.0042$17.0023$16.0014$15.0025$14.0036$13.0047$12.0058$11.0069$10.007 Complete the columns for TR, MR, TFC, TVC, TC, ATC, AVC, and MC, as well as those for (TC), TVC, & TFC. Draw the curves for Demand (Price Vs. Quantity), MR (Marginal Revenue), ATC, AVC, and MC, all in one diagram. Also draw the Total Revenue (TR), Total Cost (TC), TVC, andTFC in a second diagram right below the first one.Determine, in order to maximize profit. How many units this firm should produce and explain.Demonstrate the geometric areas (rectangles) of Total...

1- Draw the short-run ATC, AVC and MC curves for a business.

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explain what happens to AFC, AVC, ATC, and MC curves in the following two situations I....

explain what happens to AFC, AVC, ATC, and MC curves in the following two situations I. fixed cost increases ii. variable cost increases.

Quantity TC Price of TR ATC AVC MC MR MR-MC Profit change in good profit 0...

Quantity TC Price of TR ATC AVC MC MR MR-MC Profit change in good profit 0 10 5 0 1 15 5 5 15 5 5 5 2 18 5 10 9 4 3 5 3 20 5 15 6.67 3.33 2 5 4 21 5 20 5.25 2.75 1 5 5 23 5 25 4.6 2.6 2 5 6 26 5 30 4.33 2.67 3 5 7 30 5 35 4.29 2.86 4 5 8 35 5 40 4.38...

Summarize in one sentence the relationship between AVC and MC and between ATC and MC.

Graph MC, AVC, and ATC for a firm with the costs indicated by the table to...

Graph MC, AVC, and ATC for a firm with the costs indicated by the table to the right. Assuming Perfect Competition, what will happen in the short run if price is $12? What will happen in the long run? What will happen in the short run if price is $25? What will happen in the long run? What is the Long Run equilibrium price? indicated by the table to the right. Assuming Perfect Competition, what will happen in the short...

Question 2 Draw the marginal cost (MC), average variable cost (AVC) and average total cost (ATC)...

Question 2 Draw the marginal cost (MC), average variable cost (AVC) and average total cost (ATC) curves for a typical firm in a diagram, and briefly explain the relationship between: a. AVC and ATC. b. MC and ATC.

Explain short-run cost behavior. AVC, AFC, ATC, MC.

Explain why MC intersects ATC at the minimum point. Explain why MC intersects AVC at the...

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Question 7: Using the Demand, MC, MR, and ATC curves as well as the appropriate labels,...

Question 7: Using the Demand, MC, MR, and ATC curves as well as the appropriate labels, show the firm’s optimal choice of output and price in monopolistic competition and illustrate a situation in which the firm is earning positive economic profits in the short-run. On another diagram, show the long-run equilibrium for the individual firm in monopolistic competition using only the Demand, MC, MR, and ATC curves as well as the appropriate labels.

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