To calculate profit at each level of output.

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Answer 1

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Chapter 9, Problem 1E

To determine

To calculate profit at each level of output.

Expert Solution & Answer

Explanation of Solution

Profit is calculated as total revenue minus total cost

i.e. Profit=TR-TC

Total output	Price	Total cost (TC)	Total revenue (TR)	Profit=TR-TC
0	$1900	$1000	0	$-1000
1	$1700	$2000	$1700	$-300
2	$1650	$2800	$3300	$500
3	$1600	$3500	$4800	$1300
4	$1550	$4000	$6200	$2200
5	$1500	$4500	$7500	$3000
6	$1450	$5200	$8700	$3500
7	$1400	$6000	$9800	$3800
8	$1350	$7000	$10800	$3800
9	$1300	$9000	$11700	$2700

Economics Concept Introduction

Concept Introduction:

Total revenue:

Total receipts a seller can get by selling the goods.

Total cost:

Total expenses incurred for producing the goods.

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Suppose Larry runs a small business that manufactures shirts. Assume that the market for shirts is a competitive market, and the market price is $20 per shirt. The following graph shows Larry's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for shirts quantities zero through seven (inclusive) that Larry produces. Calculate Larry's marginal revenue and marginal cost for the first seven shirts he produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity. Larry's profit is maximized when he produces shirts. When he does this, the marginal cost of the last shirt he produces is , which is than the price Larry receives for each shirt he sells. The marginal cost of producing an additional shirt (that is, one more shirt than would maximize his profit) is , which is…

Answer 2

Question

100%

Chapter 9, Problem 1E

To determine

To calculate profit at each level of output.

Expert Solution & Answer

Explanation of Solution

Profit is calculated as total revenue minus total cost

i.e. Profit=TR-TC

Total output	Price	Total cost (TC)	Total revenue (TR)	Profit=TR-TC
0	$1900	$1000	0	$-1000
1	$1700	$2000	$1700	$-300
2	$1650	$2800	$3300	$500
3	$1600	$3500	$4800	$1300
4	$1550	$4000	$6200	$2200
5	$1500	$4500	$7500	$3000
6	$1450	$5200	$8700	$3500
7	$1400	$6000	$9800	$3800
8	$1350	$7000	$10800	$3800
9	$1300	$9000	$11700	$2700

Economics Concept Introduction

Concept Introduction:

Total revenue:

Total receipts a seller can get by selling the goods.

Total cost:

Total expenses incurred for producing the goods.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

100%

Chapter 9, Problem 1E

To determine

To calculate profit at each level of output.

Expert Solution & Answer

Explanation of Solution

Profit is calculated as total revenue minus total cost

i.e. Profit=TR-TC

Total output	Price	Total cost (TC)	Total revenue (TR)	Profit=TR-TC
0	$1900	$1000	0	$-1000
1	$1700	$2000	$1700	$-300
2	$1650	$2800	$3300	$500
3	$1600	$3500	$4800	$1300
4	$1550	$4000	$6200	$2200
5	$1500	$4500	$7500	$3000
6	$1450	$5200	$8700	$3500
7	$1400	$6000	$9800	$3800
8	$1350	$7000	$10800	$3800
9	$1300	$9000	$11700	$2700

Economics Concept Introduction

Concept Introduction:

Total revenue:

Total receipts a seller can get by selling the goods.

Total cost:

Total expenses incurred for producing the goods.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

100%

Chapter 9, Problem 1E

To determine

To calculate profit at each level of output.

Expert Solution & Answer

Explanation of Solution

Profit is calculated as total revenue minus total cost

i.e. Profit=TR-TC

Total output	Price	Total cost (TC)	Total revenue (TR)	Profit=TR-TC
0	$1900	$1000	0	$-1000
1	$1700	$2000	$1700	$-300
2	$1650	$2800	$3300	$500
3	$1600	$3500	$4800	$1300
4	$1550	$4000	$6200	$2200
5	$1500	$4500	$7500	$3000
6	$1450	$5200	$8700	$3500
7	$1400	$6000	$9800	$3800
8	$1350	$7000	$10800	$3800
9	$1300	$9000	$11700	$2700

Economics Concept Introduction

Concept Introduction:

Total revenue:

Total receipts a seller can get by selling the goods.

Total cost:

Total expenses incurred for producing the goods.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

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Answer 6

Question

100%

Answer 7

Chapter 9, Problem 1E

To determine

To calculate profit at each level of output.

Expert Solution & Answer

Explanation of Solution

Profit is calculated as total revenue minus total cost

i.e. Profit=TR-TC

Total output	Price	Total cost (TC)	Total revenue (TR)	Profit=TR-TC
0	$1900	$1000	0	$-1000
1	$1700	$2000	$1700	$-300
2	$1650	$2800	$3300	$500
3	$1600	$3500	$4800	$1300
4	$1550	$4000	$6200	$2200
5	$1500	$4500	$7500	$3000
6	$1450	$5200	$8700	$3500
7	$1400	$6000	$9800	$3800
8	$1350	$7000	$10800	$3800
9	$1300	$9000	$11700	$2700

Economics Concept Introduction

Concept Introduction:

Total revenue:

Total receipts a seller can get by selling the goods.

Total cost:

Total expenses incurred for producing the goods.

Answer 8

Chapter 9, Problem 1E

To determine

To calculate profit at each level of output.

Expert Solution & Answer

Explanation of Solution

Profit is calculated as total revenue minus total cost

i.e. Profit=TR-TC

Total output	Price	Total cost (TC)	Total revenue (TR)	Profit=TR-TC
0	$1900	$1000	0	$-1000
1	$1700	$2000	$1700	$-300
2	$1650	$2800	$3300	$500
3	$1600	$3500	$4800	$1300
4	$1550	$4000	$6200	$2200
5	$1500	$4500	$7500	$3000
6	$1450	$5200	$8700	$3500
7	$1400	$6000	$9800	$3800
8	$1350	$7000	$10800	$3800
9	$1300	$9000	$11700	$2700

Economics Concept Introduction

Concept Introduction:

Total revenue:

Total receipts a seller can get by selling the goods.

Total cost:

Total expenses incurred for producing the goods.

Answer 9

Chapter 9, Problem 1E

To determine

To calculate profit at each level of output.

Answer 10

Expert Solution & Answer

Explanation of Solution

Profit is calculated as total revenue minus total cost

i.e. Profit=TR-TC

Total output	Price	Total cost (TC)	Total revenue (TR)	Profit=TR-TC
0	$1900	$1000	0	$-1000
1	$1700	$2000	$1700	$-300
2	$1650	$2800	$3300	$500
3	$1600	$3500	$4800	$1300
4	$1550	$4000	$6200	$2200
5	$1500	$4500	$7500	$3000
6	$1450	$5200	$8700	$3500
7	$1400	$6000	$9800	$3800
8	$1350	$7000	$10800	$3800
9	$1300	$9000	$11700	$2700