20 0 0 1 2 3 4 5 8 6 7 QUANTITY (Hundreds of medium trucks) Suppose that SendIt is one of over a dozen competitive firms in the Flagstaff area that offers moving truck rentals. 0 Based on the preceding graph showing the weekly market demand and supply curves, the price SendIt must take as given is $ 1 Fill in the price and the total, marginal, and average revenue Sendit earns when it rents 0, 1, 2, or 3 trucks during move-in week. Price Quantity (Trucks) Total Revenue Marginal Revenue (Dollars) (Dollars) Average Revenue (Dollars per truck) (Dollars per truck) 2 3 9 10 0 Marginal revenue curve Supply curve AAA The demand curve faced by SendIt is identical to which of its other curves? Check all that apply. Average revenue curve Marginal cost curve

20 0 0 1 2 3 4 5 8 6 7 QUANTITY (Hundreds of medium trucks) Suppose that SendIt is one of over a dozen competitive firms in the Flagstaff area that offers moving truck rentals. 0 Based on the preceding graph showing the weekly market demand and supply curves, the price SendIt must take as given is $ 1 Fill in the price and the total, marginal, and average revenue Sendit earns when it rents 0, 1, 2, or 3 trucks during move-in week. Price Quantity (Trucks) Total Revenue Marginal Revenue (Dollars) (Dollars) Average Revenue (Dollars per truck) (Dollars per truck) 2 3 9 10 0 Marginal revenue curve Supply curve AAA The demand curve faced by SendIt is identical to which of its other curves? Check all that apply. Average revenue curve Marginal cost curve

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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11:30 l 4G I Homework 4 (section 2.1-2 & 2.2).pdf Economic Mathematics (1) Name ID Section 2.2 Revenue, cost and profit 1. If the demand function of a good is given by P-80 – 3Q, the fixed costs are 100 and variable cost are 5 per unit. Work out the profit when Q-10. 2. Find an expression for the profit function given the demand function 20+P= 25 and the 32 +5. Find the value of 0 for which the firm average cost function AC = (a) breaks even (b) makes a loss of 432 units (c) maximises profit. 2/2 !!
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