Question

4. Fill in the columns in the following table. What quantity should a profit-maximizing firm produce?...


4. Fill in the columns in the following table. What quantity should a profit-maximizing firm produce?
q
TFC
TVC
MC
Price
TR
TC
Profit
0
$10
$0
$15
1
10
10
15
2
10
15
15
3
10
20
15
4
10
30
15
5
10
50
15
6
10
80
15
Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

upto quantity q=4 we have marginal revenue (MR)=price (p)=15 is greater than the marginal cast (MC)=10 and for q=5 ,marginal revenue (MR)=Price (P)=15 is less than marginal cost (MC)=20 .so its optimal for a profit maximizing firm to produce upto quantity MR》MC.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Complete the following table accurately. [5 Marks]      Draw the TC, MR, MC in one graph Q...
Complete the following table accurately. [5 Marks]      Draw the TC, MR, MC in one graph Q TFC TVC TC P=MR TR MC Profit 0 $10 0 $15 1 10 2 15 3 20 4 30 5 50 6 80
Consider the Table 1 below. Assuming that one unit of the variable input costs $10, fill...
Consider the Table 1 below. Assuming that one unit of the variable input costs $10, fill in the blanks in the last 6 columns of the table below. (10 points) Table 1: Production costs Variable input Output TFC TVC TC AVC ATC MC 0 0 0 220 10 50 20 110 30 180 40 240 50 290 60 330 70 360 80 380
. The table below illustrates the quantity of output (in units) and total cost (TC, in...
. The table below illustrates the quantity of output (in units) and total cost (TC, in MYR) for a perfectly competitive firm that can sell its output at MYR 9 per unit. Quantity TC TVC ATC AVC MC TR MR Profit /Loss 0 3 0 - - - 0 - -3 1 6 2 12 3 21 4 33 5 49 a. Calculate the total variable cost (TVC), average total cost (ATC), average variable cost (AVC), marginal cost (MC), total...
Using the following table what quantity of output should be the firm produce? explain your answer...
Using the following table what quantity of output should be the firm produce? explain your answer Q. TR. TC 1. $100. $50 2. 200. 110 3. 300. 180. 4. 400. 260 5. 500. 360 6. 600. 480
The next series of questions uses the following table. The table contains 5 columns: Quantity Q,...
The next series of questions uses the following table. The table contains 5 columns: Quantity Q, Price P, Total Revenue TR, Total Cost TC, and Total Profit. You are given the numbers for the 1st, 2nd, and 4th columns and must find the numbers for the 3rd column (Total Revenue) and the 5th column (Total Profit). I suggest completely filling out the table on a piece of paper. First, calculate total revenue at a quantity of 2. Quantity Q Price...
Consider the following table of numbers, which represents demand and cost conditions for a perfectly competitive...
Consider the following table of numbers, which represents demand and cost conditions for a perfectly competitive firm. The market price is 600$ (a) Fill in the missing values. (b) What level of output should the firm produce? Explain. (c) What do you expect to happen in this industry in the long run? Explain. Q TFC AFC TVC AVC TC ATC MC TR MR Profit 0 xxxx 0 xxxx 570 xxxx xxxx xxxx 1 570 240 2 430 3 670 4...
Profit Maximization for a Perfectly Competitive Firm Goal: To determine how much candy George’s company should...
Profit Maximization for a Perfectly Competitive Firm Goal: To determine how much candy George’s company should produce to make the maximum profit it can possibly make. What you must know in order to successfully complete this assignment: The definition of profit and how to calculate it. The definitions of Total Cost (TC), Total Variable Costs (TVC) Total Fixed Costs (TFC), and Marginal Costs (MC) and how to calculate them. The definitions of Total Revenue (TR) and Marginal Revenue (MR), how...
3. Cost Tables (a) Fill in the following table, where TFC = Total Fixed Cost, TVC...
3. Cost Tables (a) Fill in the following table, where TFC = Total Fixed Cost, TVC = Total Variable Cost, TC = Total Cost, AFC = Average Fixed Cost, AVC = Average Variable Cost, ATC = Average Total Cost, and MC = Marginal Cost. Remember the following relationships: TFC + TV C = TC AF C = T F C/Q, AV C = T V C/Q, AT C = T C/Q MC = ∆TC ∆Q Output (Q) TFC TVC TC...
Fill in the table for a perfectly competitive firm. Output VC TC AVC AFC ATC MC...
Fill in the table for a perfectly competitive firm. Output VC TC AVC AFC ATC MC P TR PROFIT 0 100 --- --- --- --- 50 1 25 50 2 20 3 53.3 4 17.5 5 90 6 30 7 265 8 41.3 9 35 10 425 A perfectly competitive firm’s demand curve is perfectly elastic.
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
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT