Quantity TotalPriceDemanded Revenue RevenueMarginalTotalMarginal 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.

According to the guidelines answer is provided to the first three subparts: a) "Total revenue is…

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

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

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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