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- 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…Explain in words why a profit-maximizing film will not choose to produce at a quantity where marginal cost exceeds marginal revenue.Can you explain the ( Compare the values ) part and how Q = 6.5 is profit maximized?
- Explain the concepts of revene, costs, and profitcc4. a)What is the largest number of thingamabobs that can be produced and sold for Yaster Inc. to break even? thingamabobs. Round to the nearest thingamabob. b)How many thingamabobs should Yaster Inc. produce and sell in order to maximize profit? thingamabobs. Round to the nearest thingamabobs.(1) Economic profit is defined as the difference between revenue and......... (a) economic cost (b) implicit cost (c) Explicit cost (d) otal economic cost
- c. Note that these results imply the marginal revenue, or marginal benefit, of website analysis is MB(X) = 11.09 − 0.2 × X and the marginal cost of website analysis is MC(X) = 0.21 × X. What level of website analysis will maximize net benefits? Round to the nearest hundredth.Explain the concepts of revenue, costs and profit.How does the company set its goods or services apartfrom those of its competitors? Does the company compete on price, quality, service, innovation, or some otherattribute?
- Here’s the table showing costs, and quantity. Find the profit. Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit 0 $ 8 --- $ 0 --- 1 9 $ 1 8 $ 8 2 10 1 16 8 3 11 1 24 8 4 13 2 32 8 5 19 6 40 8 6 27 8 48 8 7 37 10 56 8Q1) A Explain by giving example the meaning of Economic profit B) meaning of law diminishing return support your answer by giving examplePhoenix Electricity is the only company providing electricity in City H. Will Phoenix Electricity earn a larger or a smaller amount of profit? Use words only to explain your answer.
