3. The table below gives the total costs and total revenue schedule for a firm with the ability to set prices. Quantity Total Revenue Total Costs 0 $0 $55.00 1 $87.50 $112.00 2 $150.00 $151.00 3 $187.50 $179.00 4 $200.00 $206.00 5 $187.50 $261.00 6 $150.00 $361.00 7 $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 resulting profit. (Assume that the firm can only produce whole (not fractional) units.) (c) Label the elastic, inelastic, and unit elastic regions of the demand curve.

3. The table below gives the total costs and total revenue schedule for a firm with the ability to set prices. Quantity Total Revenue Total Costs 0 $0 $55.00 1 $87.50 $112.00 2 $150.00 $151.00 3 $187.50 $179.00 4 $200.00 $206.00 5 $187.50 $261.00 6 $150.00 $361.00 7 $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 resulting profit. (Assume that the firm can only produce whole (not fractional) units.) (c) Label the elastic, inelastic, and unit elastic regions of the demand curve.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

ChapterB: Differential Calculus Techniques In Management

Section: Chapter Questions

Problem 3E

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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?
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price (P) Per Hour (Q) 0 123 456 7 8 $6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 Total Cost (TC) $2.00 6.00 9.00 11.50 13.50 15.00 16.00 17.50 20.00 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 $ (Enter your response rounded to two decimal places.) Maria's maximum profit is $ (Enter your response rounded to two decimal places.) b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ (Enter your 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.)
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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.)
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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 -
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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