Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
Textbook Question
Chapter 8, Problem 40P

Perfectly competitive firm Doggies Paradise Inc. sells winter coats for dogs. Dog coats sell for \$ 72 each. The fixed costs of production are \$ 1 0 9 .

The total variable costs are \$ 54 for one unit, \$ 84 for two units, \$ 114 for three units, \$ 134 for four units, and \$ 27 0 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?

Students have asked these similar questions
Table A Unit Marginal Cost Marginal Revenue Quantity 12 \$5.00 \$9.00 13 \$6.00 \$9.00 14 \$7.00 \$9.00 15 \$8.00 \$9.00 16 \$9.00 \$9.00 17 \$10.00 \$9.00 This table describes the relationship between output, marginal revenue, and marginal cost. If the firm is currently producing 14 units, what would you advise them to do? decrease quantity to 13 ) increase quantity to 15 remain at 14 units increase quantity to 16 units
Typed plz and asap please provide a high quality solution give all steps as well as calculations  and take care of plagiarism also
1) Given the following cost and revenue schedule, find the profit-maximizing quantity. Calculate total profits, average cost and average revenue.. Quantity 0 10 20 30 40 50 60 70 Total Cost 400 500 625 775 950 1150 1375 1625 Total Revenue 0 600 900 1150 1350 1500 1600 1650 2) Plot the total revenue curve, total cost curve. 3) Given the cost and revenue schedule above, find the profit-maximizing quantity. Calculate the marginal cost and marginal revenue." 4) Plot the marginal cost curve and marginal cost curve. Apply the profit maximizing rule in the short-run. (
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