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. (

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. (

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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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2- Use the information in the graph to find the values for the following costs at an output level of 500. ATC 15 s00 Ilaits l'aty D. Total fixed cost E. Total variable cost F. Total cost G. Marginal cost. Cust r ait (S)
A pastries company has fixed costs of $250. The marginal cost of producing computers is $700 for the first computer, $250 for the second, $300 for the third, $350 for the fourth, $400 for the fifth, $450 for the sixth, and $500 for the seventh. First. Create a table that shows the company's output, total cost, marginal cost, average cost,variable cost, and average variable cost. Second. At what price is the zero-profit point? At what price is the shutdown point? Third. If the company sells the computers for $500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVC curves to illustrate your answer and show the profit or loss. Fourth. If the firm sells the computers for $300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVC curves to illustrate your answer and show the profit or loss.
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.......
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