P q TC MC 1 60 35 2 85 25 3 35 50 4 55 The...

P	q	TC	MC
	1	60	35
	2	85	25
	3		35
50	4		55

The TR for 2 units of output is equal to__________ dollars.
The MR for the 3rd unit of output is equal to__________ dollars.
The marginal profit of the first unit of output is equal to__________ dollars.
The price of the second unit of output is equal to__________ dollars.
The TVC for 3 units of output is equal to__________ dollars.
The TC of 3 units of output is equal to__________ dollars.
The profit for 4 units of output is equal to__________ dollars.
The profit-maximizing output is equal to ______ units.
If this firm were to shut-down it would lose _______ dollars.

Expert Solution

The formulas used:

TR = P*Q, MR=Change in TR/Change in Q, Profits = TR-TC, MC = Change in TC/Change in Q

Marg. Profit = Change in Profit/Change in Q,


P	Q	TR	MR	TC	MC	Profit	Marginal profit
50	1	50	50	60	35	-10
50	2	100	50	85	25	15	25
50	3	150	50	120	35	30	15
50	4	200	50	175	55	25	-5
TR for 2 units is equal to 100
MR for 3rd unit equal to 50
The marginal profit of the first unit of output is equal to 25 dollars.
The price of the second unit of output is equal to 50 dollars
he TVC for 3 units of output is equal to 85(35+25+35) dollars
The TC of 3 units of output is equal to 120 dollars (85+35)
The profit for 4 units of output is equal to 25 dollars.
The profit-maximizing output is equal to 3 units.

Rahul Sunny answered 1 year ago

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