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.

Solutions

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 11 months ago

Next > < Previous

Related Solutions

Q P TR MR MC TC Total Profit 0 N/A N/A $1,000 1 1,100 2 1,180...

Q P TR MR MC TC Total Profit 0 N/A N/A $1,000 1 1,100 2 1,180 3 1,220 4 $20 5 1,270 6 1,320 7 $80 8 $100 9 10 (a) Fill in all the blanks above using the following information: The Market Price is $50 per unit of output, the TVC of producing 9 units of output is $700, and the ATC of producing 10 units of output is $200 (b) Where does diminishing returns start? Explain your answer....

Consider the following demand, TC, MC and MR equations: P=56-Q TC=3Q2+20 MC=6Q MR=56-2Q What is the...

Consider the following demand, TC, MC and MR equations: P=56-Q TC=3Q2+20 MC=6Q MR=56-2Q What is the quantity set by a monopolist? What is the price set by the monopolist? What is the quantity set in perfect competition? What is the price set in perfect competition? Draw the demand and supply graph. Include and label appropriately the marginal revenue curve, and indicate the equilibrium in perfect completion and in monopoly. On the graph shade in the area denoting DWL if there...

Consider these curves: MC = 6Q AC = (50/Q) + 3Q Demand: P = 50 -...

Consider these curves: MC = 6Q AC = (50/Q) + 3Q Demand: P = 50 - 2Q MR = 50 - 4Q 1. For a monopolist, the profit-maximizing quantity will be ____. They will charge a price of ____ and make the profit ____. (Fill in blanks) 2. Graph the curves and label Qm, Price, and Profit 3. What quantity would maximize efficiency?

1. suppy curve PQ=4 (1) P=4, Q=?, TR=?, the price elascity=? (2) P=3 Q=?, TR=?, the...

1. suppy curve PQ=4 (1) P=4, Q=?, TR=?, the price elascity=? (2) P=3 Q=?, TR=?, the prics elascity=? 2. suppy curve P=4/root(Q) (1) P=4, Q=?, TR=? The price elascity=? (2) P=3 Q=?, TR=? The price elascity=? I want detailed explanation, thank you very much??

Output TC MC ATC AFC TVC AVC TFC 0 1 2 3 4 5 6 7...

Output TC MC ATC AFC TVC AVC TFC 0 1 2 3 4 5 6 7 8 AFC for 8 units of output is $4.5 AVC for 4 units of output is $15 TC is increased by $14 when the 5th unit of output is added The ATC of 6 units of output is the same as the ATC of 5 units of output TC for 7 units of output is $168 TVC is increased by $64 when the 8th...

P Q TR MR MC TC PROFIT 2000 0 0 2000 -2000 1900 1 1900 1900...

P Q TR MR MC TC PROFIT 2000 0 0 2000 -2000 1900 1 1900 1900 600 2600 -700 1800 2 3600 1700 400 3000 600 1700 3 5100 1500 100 3100 2000 1600 4 6400 1300 100 3200 3200 1500 5 7500 1100 300 3500 4000 1400 6 8400 900 600 4100 4300 1300 7 9100 700 900 5000 4100 1200 8 9600 500 1200 6200 3400 1100 9 9900 300 1600 7800 2100 1000 10 10000 100 2000...

Table of Q Output, TC, MC, Qd, P and MR Output Total cost Marginal cost Quantity...

Table of Q Output, TC, MC, Qd, P and MR Output Total cost Marginal cost Quantity demanded Price Marginal revenue 0 $75 0 $180 1 120 $_____ 1 165 $_____ 2 135 _____ 2 150 _____ 3 165 _____ 3 135 _____ 4 210 _____ 4 120 _____ 5 270 _____ 5 105 _____ 6 345 _____ 6 90 _____ 7 435 _____ 7 75 _____ 8 540 _____ 8 60 _____ 9 660 _____ 9 45 _____ 10 795...

L W TP MP MC 1 20 10 2 60 40 3 80 4 190 4...

L W TP MP MC 1 20 10 2 60 40 3 80 4 190 4 5 220 What is the wage that this firm must pay for the third worker? _________ What is the wage that this firm must pay for the fifth worker? _________ The TP associated with the first worker is ____________. The TP of three workers is __________. The MC associated with an output of 140 is _______. Diminishing returns sets in with the addition of...

1. Q* includes/excludes units whose cost (MC) is greater than their revenue (P). 2. Why? 3....

1. Q* includes/excludes units whose cost (MC) is greater than their revenue (P). 2. Why? 3. Q* includes/excludes units whose cost (MC) is less than their revenue (P). 4. Why? 5. Does Q* guarantee a maximum profit, minimized loss, to break-even or none/all of the above? 6. Why? 7. If profit is not possible, Q* certainly makes any losses smaller than FC.- true/false? 8. Why?

1. Which of the following statement is true? A. AVC = TC/Q B. MC equals the...

1. Which of the following statement is true? A. AVC = TC/Q B. MC equals the change in ATC divided by the change in Q. C. TFC = TC- TVC D. TC = TFC- TVC 2. If the marginal cost o the 5,000 unit is $0.06 an the average total cost of the 5,000 unit is $0.10; A. Average variable cost is falling B. Average total cost is falling C. Total cost I falling D. Average fixed cost is rising...

Subjects