1. To build the curves of total revenue (TR) and total costs (TC) of the company.2. To calculate, to fill in the table and to build the curves of marginal revenue (MR) and marginal cost (MC) of the company.3. To determine graphically the output of the company providing the maximum profit. Task 1The table shows the total revenue (TR) and total costs (TC) of a perfect competitive company.Output (Q), unitsTotal revenue (TR), $Total costs (TC), $ Marginal revenue (MR), $Marginal cos8012410024204811224123721202484961262451201312451441382477168147248192158241192161732415101124019124182227264213240242412288133122712431Based on this data:1. To build the curves of total revenue (TR) and total costs (TC) of the company.2. To calculate, to fill in the table and to build the curves of marginal revenue (MR) and marginalcost (MC) of the company.3. To determine graphically the output of the company providing the maximum profit.

The money spent to purchase the factor of production to produce the final goods and services is…

The table shows the total revenue (TR) and total costs (TC) of a perfect competitive company. Output (Q), units Total revenue (TR), $ Total costs (TC), $ Marginal revenue (MR), $ Marginal cos 80 1 24 100 24 20 12 2 48 112 24 120 3 4 24 24 72 8 96 126 5 120 131 24 24 5 144 138 7 7 168 192 147 24 24 8 158 11 216 240 264 173 191 213 240 271 24 24 24 24 24 15 18 22 27 31 10 11 12 13 Based on this data: 1. To build the curves of total revenue (TR) and total costs (TC) of the company. 2. To calculate, to fill in the table and to build the curves of marginal revenue (MR) and marginal cost (MC) of the company. 3. To determine graphically the output of the company providing the maximum profit. 288 312

The table shows the total revenue (TR) and total costs (TC) of a perfect competitive company. Output (Q), units Total revenue (TR), $ Total costs (TC), $ Marginal revenue (MR), $ Marginal cos 80 1 24 100 24 20 12 2 48 112 24 120 3 4 24 24 72 8 96 126 5 120 131 24 24 5 144 138 7 7 168 192 147 24 24 8 158 11 216 240 264 173 191 213 240 271 24 24 24 24 24 15 18 22 27 31 10 11 12 13 Based on this data: 1. To build the curves of total revenue (TR) and total costs (TC) of the company. 2. To calculate, to fill in the table and to build the curves of marginal revenue (MR) and marginal cost (MC) of the company. 3. To determine graphically the output of the company providing the maximum profit. 288 312

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 2.4P

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Similar questions

Briefly explain the reason for the shape of a marginal revenue curve for a perfectly competitive firm.
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Perfectly competitive firm Doggies Paradise Inc. sells winter coats for dogs. Dog coats sell for 72 each. The fixed costs of production are 109. The total variable costs are 54 for one unit, 84 for two units, 114 for three units, 134 for four units, and 270 for five units. 111 the fauna of a table, calculate total revenue, marginal revenue, total cost and marginal cost for each output level (one to five units). On one diagram, sketch the total revenue and total cost curves. On another diagram, sketch the marginal revenue and marginal cost curves. What is the profit maximizing quantity?
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