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- The AAA Aquarium Co. sells aquariums for 20 each. Fixed costs of production are 20. The total variable costs are 20 for one aquarium, 25 for two units, 35 for the three units, 50 for four units, and 80 for five units. In the form of a table, calculate total revenue, marginal revenue, total cost, and marginal cost for each output level (one to five units). What is the Profit-maximizing quantity of output? On one diagram, sketch the total revenue and total cost curves. On another diagram, sketch the marginal revenue and marginal cost curves.Use Table A below and calculate ATC, Profit, marginal revenue and marginal cost at each quantity of output - keep your calculation for follow up questions: Q P TR TC ATC Profit MR MC 0 $1,900 $0 $1,000 1 $1,700 $1,700 $2,000 2 $1,650 $3,300 $2,800 3 $1,600 $4,800 $3,500 4 $1,550 $6,200 $4,000 5 $1,500 $7,500 $4,500 6 $1,450 $8,700 $5,200 7 $1,400 $9,800 $6,000 8 $1,350 $10,800 $7,000 9 $1,300 $11,700 $9,000 a. Q P TR TC ATC Profit MR MC 0 $1,900 $0 $1,000 $0 -$1000 $0 $0 1 $1,700 $1,700 $2,000 $2,000 -$300 $1,700 $1,000 2 $1,650 $3,300 $2,800 $1,400 $500 $1,600 $800 3 $1,600 $4,800 $3,500 $1,166.66 $1,300…Use Table A below and calculate ATC, Profit, marginal revenue and marginal cost at each quantity of output - keep your calculation for follow up questions: Q P TR TC ATC Profit MR MC 0 $1,900 $0 $1,000 1 $1,700 $1,700 $2,000 2 $1,650 $3,300 $2,800 3 $1,600 $4,800 $3,500 4 $1,550 $6,200 $4,000 5 $1,500 $7,500 $4,500 6 $1,450 $8,700 $5,200 7 $1,400 $9,800 $6,000 8 $1,350 $10,800 $7,000 9 $1,300 $11,700 $9,000 a. Q P TR TC ATC Profit MR MC 0 $1,900 $0 $1,000 $0 -$1000 $0 $0 1 $1,700 $1,700 $2,000 $2,000 -$300 $1,700 $1,000 2 $1,650 $3,300 $2,800 $1,400 $500 $1,600 $800 3 $1,600 $4,800 $3,500 $1,166.66 $1,300…
- MonoMed, having a Patent on production of a medicine, has following Demand and Cost Schedule : Price (Rs ) 12 11 10 9 8 7 6 5 4 3 Quantity 0 1 2 3 4 5 6 7 8 9 TVC ( Rs ) 0 13 16 20 25 31 38 46 56 68 Where Fixed Cost is Rs 5 B. Plot the Demand, Marginal Revenue MR, Average Total Cost ATC, Average Variable Cost AVC and Marginal Cost MC Curves of the Firm in a clearly labelled graph.Refer to the graph 2. If the firm's in graph 2 is maximizing it's profits, it charges a price of : (1) $5 (2) $6 (3) $4 (4) $2A firms cost and revenue functions look like this in 3 questions below. Total cost: TC = 100 + 2Q + Q2 Marginal cost: MC = 2 + 2Q Price: P=22 What is the profit maximizing output? a. 8 b. 10 c. 12 d. 25 e. All the other answers are wrong. What is the firm's profit? a. -14 b. -6 c. 0 d. 15 e. All then other answers are wrong. What are the fixed costs and variable costs at the profit maximising output? a. FC=0, VC=220 b. FC=100, VC=80 c. FC=80, VC=244 d. FC=100, VC=120 e. All the other answers are wrong.
- Zippy is earning $25,000 per year working for Joe's Car Repair. He also has savings of $150,000, on which he is earning 10% annual interest. He decides to leave Joe's Car Repair to invest his savings in starting his own car repair business. In the first year, Zippy's Speedy Car Repair ears revenues of $200,000 and has explicit costs of $100,000. Zippy's economic profit (or loss) in the first year is $. (round your answer to the nearest dollar. )Question #5What is the MC=MR Profit Maximization point? What quantity should Delicious Deserts be producing at 'and' what price should they be charging to maximize their profits? Question #6 Why isn't it a good idea for them to produce and sell as many cakes as they can? Is it more profitable to sell less cakes at this current stage of their business? Question #7Do you have any other recommendations for Delicious Deserts to increase their revenues, profits, market share, and client retention?MonoMed, having a Patent on production of a medicine, has following Demand and Cost Schedule : Price (Rs ) 12 11 10 9 8 7 6 5 4 3 Quantity 0 1 2 3 4 5 6 7 8 9 TVC ( Rs ) 0 13 16 20 25 31 38 46 56 68 Where Fixed Cost is Rs 5 d. Calculate the profit earned, if any and show the area on the firm’s graph.
- A firm's total revenue (TR) and total cost (TC) functions are TR = 110Q — 5Q2 TC = 10Q — O2 + 0.33Q3 Determine: a) Equations for marginal revenue and average revenue(b) Equations for marginal cost and the average cost (c) The output rate that maximize total revenueSleek Sneakers Co. is one of many firms in the marketfor shoes.a. Assume that Sleek is currently earning short-runeconomic profit. On a correctly labeled diagram,show Sleek’s profit-maximizing output and price,as well as the area representing profit.b. What happens to Sleek’s price, output, and profitin the long run? Explain this change in words, andshow it on a new diagram.c. Suppose that over time consumers become morefocused on stylistic differences among shoe brands.How would this change in attitudes affect eachfirm’s price elasticity of demand? In the long run,how will this change in demand affect Sleek’s price,output, and profit?d. At the profit-maximizing price you identified inpart (c), is Sleek’s demand curve elastic or inelastic?ExplainQuestion Calculate MC, AVC, and total fixed costs for the data below: Output Total Cost 0 20 1 25 2 30 3 35 4 40 5 45 6 50 7 55 8 60 Sketch the MC and the AVCcurves. Given that each output is sold at $8.5, calculate Average Revenue, Marginal Revenue, and profit
