|PriceDemanded Revenue RevenueMarginal CostCost$24 1000$24,000** $15,000******$22 1250$27,500 $14$17,000 $8$20 1500$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.(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.

Revenue = Price * Quantity Marginal revenue = (Change in revenue / Change in quantity) Marginal cost…

Answered: |Price Demanded Revenue Revenue…

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

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 1.1CE

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Question

|Price
Demanded Revenue Revenue
Marginal Cost
Cost
$24 1000
$24,000
** $15,000
**
**
**
$22 1250
$27,500 $14
$17,000 $8
$20 1500
$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.
(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.

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