Profit per unit is the difference between O average revenue and marginal cost. average revenue and average total cost. O total revenue and total cost. O average revenue and marginal cost.
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- A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.i. Calculate the marginal cost, marginal revenue and profit for each unitof production. ii. How many units should the firm produce to maximise profit?Total Total Revenue Cost Quantity (TR) (TC) Profit (MR) (MC) 0 0 8 1 8 10 2 16 11 3 24 13 4 32 16 5 40 20 6 48 27 7 56 36 8 64 47 9 72 65 10 80 90 Marginal Marginal Revenue Cost Fill in the table to determine the profit maximizing level of output, price, and profit. The optimal quantity is A/ A (number) units, the optimal price is (number) dollars, which maximizes (number) dollars. This table A profits at displays profit maximization under the (perfect competition / monopolistic competition / oligopoly / monopoly) market structure.
- Consider the total cost and total revenue of Farm Fresh DiaryOutput Quantity(Milk in Liters)Total Revenue( in Rupees)Total cost( in Rupees)0 0 301 80 502 160 803 240 1204 320 1705 400 2306 480 3007 560 3808 640 470i. Calculate Price, Average Revenue, Marginal revenue. Explain the conditions underwhich these values remain the same? ii. Calculate Profit, Marginal cost and change in Profit. What output quantity of milkmaximizes profit for Farm Fresh Diary?iii. Graph MC and MR curves of Farm fresh Diary. What are the rules of ProfitMaximization suggested by this graph?iv. Suppose a tax of Rs.20 is imposed and government fixes price of milk at Rs.80 a liter.Then what should be strategy of Farm Fresh Diary?A computer company produces affordable, easyto-use home computer systems and has fixed costs of$250. The marginal cost of producing computers is $700for the first computer, $250 for the second, $300 for thethird, $350 for the fourth, $400 for the fifth, $450 for thesixth, and $500 for the seventh.a. Create a table that shows the company’s output,total cost, marginal cost, average cost, variablecost, and average variable cost.b. At what price is the zero-profit point? At whatprice is the shutdown point?c. If the company sells the computers for $500, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.d. If the firm sells the computers for $300, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.Buffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year to rentthe location and buy the merchandise. In addition,she would have to quit her $80,000 per year job as avampire hunter. Buffy thinks she can sell $400,000 worth of amulets in a year. What would her accountant consider the store’s profit? 2. Should Buffy open the store? Explain.
- Must complete chart and graph MR, MC, ATC, AVC, and where Q indicates max profit. FOR CHART, FIND: Mid-point AVG Quantity Total Revenue (pxQ) Fixed costs calculations Variable costs (wages x workers) Total Costs (TC) Total Profit (TR-TC) AVC (VC/Q) ATC (TC/Q) Marginal Revenue (MR) (change in TR/ change in Q) Marginal Cost (MC) (change TC/ change in Q) Change in profit (MR-MC)A. What is the profit-maximizing price and quantity? B. What is the revenue-maximizing price and quantity? C. When total cost exceeds total revenue, profits are?1. Fill in this chart and explain why the firm earnsa profit no matter how many units they produce or the price they choose. 2. Using this data, how many units should this firm produce and what price should they chargeassuming they want to profit maximize.
- 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 8Given - p=35−0.5QTC=0.5Q2+5Q A)What is the profit function? Can it be maximized? B)What is profit maximizing quantity and price? C)What is the maximum possible profit? D)What are the break-even quantities? E)What quantity minimizes total cost? What is minimum total cost?The profit-maximizing quantity is the one at which the marginal revenue of the last unit was: O greater than the marginal cost. O less than the marginal cost. O equal to the marginal cost. O zero.
