Consider total cost and total revenue given in the following table:TABLE IN IMAGECalculate profit for each quantity. How much should the firm produce to maximize profit?(ii) Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points betweenwhole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2½.) At what quantitydo these curves cross? How does this relate to your answer to part (a)?(iii) Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in along-run equilibrium? (8.75) (b) (i) Consider total cost and total revenue given in the following table:QuantityTotal Cost ($)Total Revenue ($)146781011131927378162432404856(i)Calculate profit for each quantity. How much should the firm produce to maximize profit?(ii)Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points betwewhole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2%.) At what quando these curves cross? How does this relate to your answer to part (a)?Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in along-run equilibrium? (8.75)(ii)Q3 (a) आय और प्रतिस्थापन प्रभाव का उपयोग करते हुए, इसकी मांग पर एक Giffen वस्तु और निकृष्ट वस्तु की की

"Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Answered: (b) (i) Consider total cost and total…

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter11: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 14CQ

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Consider total cost and total revenue given in the following table:

TABLE IN IMAGE

Calculate profit for each quantity. How much should the firm produce to maximize profit?
(ii) Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points between
whole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2½.) At what quantity
do these curves cross? How does this relate to your answer to part (a)?
(iii) Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a
long-run equilibrium? (8.75)

(b) (i) Consider total cost and total revenue given in the following table:
Quantity
Total Cost ($)
Total Revenue ($)
1
4
6
7
8
10
11
13
19
27
37
8
16
24
32
40
48
56
(i)
Calculate profit for each quantity. How much should the firm produce to maximize profit?
(ii)
Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points betwe
whole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2%.) At what quan
do these curves cross? How does this relate to your answer to part (a)?
Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a
long-run equilibrium? (8.75)
(ii)
Q3 (a) आय और प्रतिस्थापन प्रभाव का उपयोग करते हुए, इसकी मांग पर एक Giffen वस्तु और निकृष्ट वस्तु की की

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