Question

fill in the blanks - this is subject in microeconomic class profit table - please show...

fill in the blanks - this is subject in microeconomic class

profit table - please show me how to calculate below step by step

QTY TR TC PROFIT MR MC
0 0 50 - -
1 50 10
2 90 75
3 120 23
4 140 122
5 150 10 30
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Homework Answers

Answer #1

TR=Price*QUantity

Price =a-bQ now if Q=1

Price=a-b

Revenue=(a-b)*Q=a-b

When Q=2 then P=a-2b

Revenue=(a-2b)*2=2a-4b=90

a-2b=45

When Q=3

Revenue=Price*Quantity=(a-bQ)*Q=(a-3b)*3=120

a-3b=40 then solving these 2 equations we get b=5 and a=55

TR=55-5Q

Total Cost=c+dQ

When Q=0

Total Cost=FIxed Cost=50

When Q=2

TC=50+2d

When Q=4

TC=50+4d

2d=47

d=23.5

TC=50+23.5d

MR =TR2-TR1/1 and MC=TC2-TC1/1

Q TR TC Profit=TR-TC MR MC
0 0 50 -50 - -
1 50 60 -10 50 10
2 90 75 15 40 15
3 120 97 23 30 22
4 140 122 18 20 25
5 150 152 -2 10 30
0 0
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