Use the data below to answer the questions:PriceQuantity DemandedTotal RevenueMarginal RevenueTotal CostMarginal Cost$241000$24,000*****************$15,000****************$221250$27,500$14$17,000$8$201500X$10$19,500$10$181750$31,500Y$23,000$14$162000$32,000$2$27,000Z(a) Calculate total revenue at X.(b) Calculate marginal revenue at Y.(c) Calculate marginal cost at Z.(d) Find the profit maximizing price.(e) Find the profit maximizing quantity.(f) Find the profit the firm will earn.

Answered: Calculate total revenue at X. (b)…

Business

Economics

Calculate total revenue at X. (b) Calculate marginal revenue at Y. (c) Calculate marginal cost at Z.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter14: Transaction Costs, Imperfect Information, And Behavioral Economics

Section: Chapter Questions

Problem 4QFR

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Question

Use the data below to answer the questions:

Price	Quantity Demanded	Total Revenue	Marginal Revenue	Total Cost	Marginal Cost
$24	1000	$24,000	*****************	$15,000	****************
$22	1250	$27,500	$14	$17,000	$8
$20	1500	X	$10	$19,500	$10
$18	1750	$31,500	Y	$23,000	$14
$16	2000	$32,000	$2	$27,000	Z

(a) Calculate total revenue at X.

(b) Calculate marginal revenue at Y.

(d) Find the profit maximizing price.

(e) Find the profit maximizing quantity.

(f) Find the profit the firm will earn.

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