i need it in words not handwritten 2. A rational profit-maximising firm produce and sell a manufactured good. Thedaily total cost (TC) and total revenue (TR) data for the good, where costsand revenues are measured in US dollars and Q = quantity per day, aregiven as:607050181018003040201200Q10TC3709001430162020502340TR4408401200152020402260a) Determine the total fixed costs faced by the firm.b) Calculate the following quantities at each level of output:i) Average total costsii) Average total revenueiii) Marginal costsiv) Marginal revenuec) Determine, with explanation, the level of output the firm should chooseand hence the maximum profit the company can make.

The profit maximizing firm produces and sell output at the point where the marginal revenue is equal…

2. A rational profit-maximising firm produce and sell a manufactured good. The daily total cost (TC) and total revenue (TR) data for the good, where costs and revenues are measured in US dollars and Q = quantity per day, are given as: 70 2340 2260 60 50 1810 1800 40 10 900 20 1200 30 1430 2050 1620 1520 TC 370 TR 440 840 1200 2040 a) Determine the total fixed costs faced by the firm. b) Calculate the following quantities at each level of output: i) Average total costs ii) Average total revenue iii) Marginal costs iv) Marginal revenue c) Determine, with explanation, the level of output the firm should choose and hence the maximum profit the company can make.

2. A rational profit-maximising firm produce and sell a manufactured good. The daily total cost (TC) and total revenue (TR) data for the good, where costs and revenues are measured in US dollars and Q = quantity per day, are given as: 70 2340 2260 60 50 1810 1800 40 10 900 20 1200 30 1430 2050 1620 1520 TC 370 TR 440 840 1200 2040 a) Determine the total fixed costs faced by the firm. b) Calculate the following quantities at each level of output: i) Average total costs ii) Average total revenue iii) Marginal costs iv) Marginal revenue c) Determine, with explanation, the level of output the firm should choose and hence the maximum profit the company can make.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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