3. The table below gives the total costs and total revenue schedule for a firm with theability to set prices.Quantity Total Revenue Total Costs0$0$55.001$87.50$112.002$150.00$151.003$187.50$179.004$200.00$206.005$187.50$261.006$150.00$361.007$87.50$575.00(a) Calculate and graph marginal revenue, marginal cost, and the demand curve.(b) Determine the profit-maximizing price and quantity, and calculate the resultingprofit. (Assume that the firm can only produce whole (not fractional) units.)(c) Label the elastic, inelastic, and unit elastic regions of the demand curve.

Let's tackle each part of the question step by step: a) Calculate and Graph Marginal Revenue,…

Answered: 3. The table below gives the total…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter23: Profit Maximization

Section: Chapter Questions

Problem 11E

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Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Per Price Total Cost Hour (Q) (P) (TC) $6.00 $1.50 1 5.50 5.00 2 5.00 7.50 3 4.50 9.50 4 4.00 11.00 3.50 12.00 6 3.00 12.50 7 2.50 13.50 8 2.00 15.50 a. To maximize profits, Maria should sell loaves of ciabatta bread per hour. (Enter your response as an integer.)
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price Total Cost Per Hour (Q) (P) (TC) $1.50 $6.00 1 5.50 6.00 5 00 4 50 9.50 3 12.50 4.00 15.00 5 3.50 17.00 6 3.00 18.50 7 2.50 20.50 8 2.00 23.50 a. To maximize profits, Maria should sell loaves of ciabatta bread per hour. (Enter your response as an integer.) Maria should charge a price of $ (Enter your response rounded to two decimal places.) Maria's maximum profit is S (Enter your response rounded to two decimal places.) b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is S: (Enter your response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is S (Enter your response rounded to two decimal places.)
How would you calculate a firms total cost and total revenue using this graph?
Typed and correct answer please. I ll rate
28) The following table shows costs and revenue schedules for a firm. QuantityAC (£)MC (£) AR (£) MR (£) 100 3.20 3.00 3.00 3.00 200 2.80 2.80 3.00 3.00 300 2.84 3.00 3.00 3.00 400 3.00 3.60 3.00 3.00 500 4.00 6.00 3.00 3.00 600 6.00 9.00 3.00 3.00 At what output will the firm maximise profit? A) 400 B) 300 C) 600 D) 200
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Per Hour (Q) Price (P) Total Cost (TC) 0 $6.00 $1.50 1 5.50 6.00 2 5.00 9.50 3 4.50 12.50 4 4.00 15.00 5 3.50 17.00 6 3.00 18.50 7 2.50 20.50 8 2.00 23.50 a. To maximize profits, Maria should sell nothing loaves of ciabatta bread per hour. (Enter your response as an integer.)
O Macmillan Learning The accompanying graph depicts the long-run costs and revenue for a monopolistically competitive firm. The numbers in parentheses show the output level and the cost, respectively, associated with various points. Place point A at the profit maximizing price and quantity. 800 750 700 MC ATC (11,600) 650 600 (3,550) 550 What is the profit-maximizing output of this monopolistically competitive firm? Cost and Revenue ($) 500 450 (5,425) $400 (8, 400) 350 (7,340) 300 250 Units of Output 200 (5, 200) 150 100 50 MR What is the level of excess capacity for this monopolistically competitive firm? 0 0 1 2 3 4 5 6 7 8 Units of Output Units of Output (11,500) 9 10 11 12 13 14 15
explain ehat is happening here??
A firm operating with average revenue $100 and producing total 10 phones. How would I calculate total revenue of the firm?
5. Complete the table below and answer the following questions. Output Variable Total AFC AVC ATC Marginal Price Cost Cost 1 2 3456 7 Cost $100 $150 $210 $300 $430 $600 $819 300 350 410 500 630 800 1019 210 200 190 180 170 160 150 Total Revenue MR
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2. Table below refers to a PC firm. Firm 1 Price Quantity produced per unit $120 $120 $120 $120 $120 $120 $120 $120 $120 $120 0 1 2 3 4 5 6 7 8 9 Total Marginal Total Marginal profit Marginal ATC Revenue revenue cost profit cost 0 120 100 150 202 257 317 385 465 562 682 812 a) Complete the table. b) What is the profit-maximizing output? c) What is the relationship between price, marginal revenue and marginal cost at the profit maximizing level of output? d) If the P were RM80, should the firm continue to operate? Why or why not? e) Draw the firm's short run SS curve

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