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.)
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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 Price Per Hour (Q) (P) 0 $6.00 1 5.50 2 5.00 3 4.50 4 4.00 5 3.50 6 3.00 7 2.50 8 2.00 Total Cost (TC) $2.00 6.50 10.00 13.00 15.50 17.50 19.00 21.00 24.00 loaves of ciabatta bread per hour. (Enter your response as an integer.) a. To maximize profits, Maria should sell Maria should charge a price of $ Maria's maximum profit is $ (Enter your response rounded to two decimal places.) (Enter your response rounded to two decimal places.) (Enter your b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)
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.)
Table 14-14 The following table presents cost and revenue information for Bob's bakery production and sales. 13 Quantity Total Cost Cost $5.00 $5.50 $6.50 $8.00 $10.00 $12.50 $15.50 $19.00 $23.00 10 QUESTION 20 6 8 Marginal QUESTION 21 --- Price $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 Total Revenue Refer to Table 14-14. What is the marginal revenue of the 4th unit? O a. $13.00 b. $2.00 c. $10.00 d. $3.25 The average-total-cost curve intersects a. marginal cost at the minimum of marginal cost. b. marginal cost at the minimum of average total cost. c. average fixed cost at the minimum of average total cost. d. average variable cost at the minimum of average total cost. Marginal Revenue -
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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
3. Profit maximization using total cost and total revenue curves Suppose Ana runs a small business that manufactures shirts. Assume that the market for shirts is a perfectly competitive market, and the market price is $20 per shirt. The following graph shows Ana's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for the first seven shirts that Ana produces, including zero shirts. TOTAL REVENUE, TOTAL COST, AND PROFIT (Dollars) Total Revenue A 125 100 Total Cost ☐ Profit 200 175 150 75 50 ༔་ཎྜ་ ྴ་སྐྱ ིི་ཐྭ་8་མ་° 1 2 3 4 5 6 7 8 QUANTITY OF OUTPUT (Shirts) (?) Calculate Ana's marginal revenue and marginal cost for the first seven shirts she produces 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. Note: Be sure to plot marginal values between the appropriate whole unit values. For instance, plot…
2. Sketch the MC and ATC curves. Put quantity of output on the horizontal axis and measure costs on the vertical axis. Quantity (Q) Price Total Total Profit Marginal Revenue Marginal Cost (TC) Cost (MC) (P) Revenue (TR) (MR) 6. 25 126 7 25 141 8 25 160 25 183 10 25 210 11 25 245 12 25 300 3. Complete the table above. 4. What is the profit-maximizing level of output? 5. What is the amount of profit at the profit maximizing output level?

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