Note:please hand written should be avoided. 1. A firm's total cost schedule and the demand for its product are summarized in the table below.RevenuesQuantityProduced0 units1234567CostsTotalCost$070142217297385485603MarginalCostQuantityDemanded0 units.1234Price$155 per unit150145140135130125120Total MarginalRevenue Revenue(i) Complete the table and use the equimarginal principle to determine the level of output that maximizes thefirm's profit. Also determine the price charged by the firm and its maximum profit level.(ii) What would happen to your answers from part (i) if the firm's total costs rose by $40?(iii) What would happen to your answers from part (i) if its costs rose by $40 per unit produced?

Economic cost refers to the combination of losses of any goods that have a value attached to them by…

1. A firm's total cost schedule and the demand for its product are summarized in the table below. Revenues Quantity Produced 0 units 1 2 3 4 5 6 Costs Total Marginal Cost Cost $0 70 142 217 297 385 485 603 Quantity Demanded 0 units 1 2 3 4 Price $155 per unit 150 145 140 135 130 125 120 Total Revenue Marginal Revenue (1) Complete the table and use the equimarginal principle to determine the level of output that maximizes the firm's profit. Also determine the price charged by the firm and its maximum profit level. (ii) What would happen to your answers from part (i) if the firm's total costs rose by $40? (iii) What would happen to your answers from part (i) if its costs rose by $40 per unit produced?

1. A firm's total cost schedule and the demand for its product are summarized in the table below. Revenues Quantity Produced 0 units 1 2 3 4 5 6 Costs Total Marginal Cost Cost $0 70 142 217 297 385 485 603 Quantity Demanded 0 units 1 2 3 4 Price $155 per unit 150 145 140 135 130 125 120 Total Revenue Marginal Revenue (1) Complete the table and use the equimarginal principle to determine the level of output that maximizes the firm's profit. Also determine the price charged by the firm and its maximum profit level. (ii) What would happen to your answers from part (i) if the firm's total costs rose by $40? (iii) What would happen to your answers from part (i) if its costs rose by $40 per unit produced?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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