Table 1 includes Price, Quantity, Average Total Cost, Average Revenue, Marginal Cost, and Marginal Revenue Price ($) 11 10 9 8 7 Quantity (Units) 6 7 8 9 10 Total Cost ($) 17 19 21 23 25 Average Total Cost ($) If you cannot see the table above, click here to download. Average Revenue ($) Marginal Cost ($) Marginal Revenue ($) Refer to Table 1 (above). At its profit-maximizing output, this firm's total profit will be:

On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 6, 12, 15, 18, 24, and 30 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results.   Calculate the total revenue if the firm produces 6 versus 5 units. Then, calculate the marginal revenue of the sixth unit produced. The marginal revenue of the sixth unit produced is________.   Calculate the total revenue if the firm produces 12 versus 11 units. Then, calculate the marginal revenue of the 12th unit produced. The marginal revenue of the 12th unit produced is_________.

Calculate Iyana's marginal revenue and marginal cost for the first seven rompers they produce, 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. COSTS AND REVENUE (Dollars per romper) 40 35 30 25 20 15 10 0 0 1 2 3 4 5 6 7 8 QUANTITY (Rompers) Marginal Revenue Marginal Cost ? Iyana's profit is maximized when they produce a total of is $ , an amount rompers. At this quantity, the marginal cost of the final romper they produce than the price received for each romper they sell. At this point, the marginal cost of producing one more romper (the first romper beyond the profit maximizing quantity) is $ , an amount than the price received for each romper they sell. Therefore, Iyana's profit-maximizing quantity occurs at the point of intersection between the Because Iyana is a price taker, the previous condition is equivalent to curves.

9. Problems and Applications Q9 The market for apple pies in the city of Ectenia is competitive and has the following demand schedule: Each producer in the market has a fixed cost of $6 and the following marginal cost: Quantity Marginal Cost (Dollars) 1 1 2 3 4 5 6 Complete the following table by computing the total cost and average total cost for each quantity produced. Quantity Total Cost Average Total Cost (Ples) (Dollars) (Dollars) 1 2 3 4 3 8 10 12 14 The price of a pie is now $11. At a price of $11, making a profit of O True O Fal pies are sold in the market. Each producer makes True or False: The market is in long-run equilibrium. Suppose that in the long run there is free entry and exit. In the long run, each producer earns a profit of each producer makes pies, so there are The market price is producers operating. pies, so there are At this price, producers in this market, each pies are sold in this market, and

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The next 6 questions relate to the following table.  Calculate total revenue at a quantity of 5 units.  (The table gives you Quantity, Price, and Total Costs, leaving the Total Revenue and Profit for you to calculate.) Quantity Price Total Revenue Total Cost Profit 0 70   0   1 70   60   2 70   120   3 70   180   4 70   300   5 70   410   Calculate profit at an output of 4 units. What is the highest profit possible?   What is the profit maximizing level of output   What is the profit maximizing price?   Can you tell if this is the short run or long run?  Explain.

Giocattolo is a profit-maximizing firm producing toy cars, which it can produce and sell in its home country, Italy, and abroad in Spain. The average cost (AC) curve on the following graph represents Giocattolo's cost of producing toy cars within one factory, whether in Italy or in Spain. COST (Dollars per toy car) 20 18 16 14 12 10 8 4 2 0 0 10 20 30 40 50 60 70 80 QUANTITY (Thousands of toy cars) AC 90 100 Suppose that at the current market price of toy cars, the demand for Giocattolo's product is 10,000 toy cars per year in Italy and 20,000 toy cars per year in Spain. (Hint: Select each point on the previous graph to see its coordinates.) Based on Giocattolo's average cost curve, within one factory it can produce 20,000 toy cars at $ per toy car, and produce the total of 30,000 toy cars at $ per toy car. per car, produce 10,000 toy cars at

a. 3 b. 9 c. 2 d. 10 e. 5

Use the data from the following demand schedule to answer the questions that follow. Price (P) (Dollars) Quantity Demanded (Q) Total Revenue (TR) (Dollars) Marginal Revenue (MR) (Dollars) 24.00 0 0.00 21.60 21.60 1 21.60 16.80 19.20 2 38.40 12.00 16.80 3 50.40 7.20 14.40 4 57.60 2.40 12.00 5 60.00 -2.40 9.60 6 57.60 -7.20 7.20 7 50.40 -12.00 4.80 8 38.40 -16.80 2.40 9 21.60 -21.60 0.00 10 0.00 Make the unrealistic assumption that production is costless for the monopolist in this question. The monopolist will charge a price of $ for the monopolist. per unit and sell units. This will yield an economic profit of $ Now assume the marginal cost is above zero and is equal to the marginal revenue of the fourth unit. The monopolist will now charge monopolist will now earn price and produce when production was costless. In turn, the economic profit compared to when production was costless. Grade It Now Save & Continue

Please answer F and show steps for the graph