I have started this question in the picture can you please explain on how to calculate the Total profits and the Fair return price within this diagram picture is attatched thank you MRD=AR30MC27AC24211815129.39126151821Quantity per periodTotalTotalProfits ($)Price($)12OutputRevenue ($)a. Total revenue maximizationo. Profit-maximization. Socially optimum priced. Fair-return price12144144151356310141403.6.Costs and revenues

1. Total revenue maximization occurs when the marginal revenue becomes equal to zero. MR = 0 In the…

30 MC 27 AC 24 21 18 15 12 9. 3 6 9 12 15 18 21 Quantity per period Total Profits ($) Total Revenue ($) 12 Price($) Output . Total revenue maximization . Profit-maximization . Socially optimum price . Fair-return price 12 144 144 15 9 135 63 10 14 140 6. 3. Costs and revenues

30 MC 27 AC 24 21 18 15 12 9. 3 6 9 12 15 18 21 Quantity per period Total Profits ($) Total Revenue ($) 12 Price($) Output . Total revenue maximization . Profit-maximization . Socially optimum price . Fair-return price 12 144 144 15 9 135 63 10 14 140 6. 3. Costs and revenues

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6 5 nts eBook Print References Mc Graw Hill Output 0 1 2 3 4 5 6 7 8 9 $ Total Cost $2,500 3,410 4,040 4,480 4,900 5,220 5,540 6,310 7,320 9,710 units variabl Cost $ 0 b. What is the value of total fixed cost? units 910 1540 1980 2400 2720 3040 3810 4820 7210 Marginal Cost 1 c. What is the most productive level of output? $ 910 630 440 420 320 320 770 1010 2390 d. At what output is economic capacity? Output: e. If TFC doubled, what is the marginal cost of the 7th unit? Marginal cost: $ Average Total Cost 1 $ 3410 2020 1493.33 H a 1225 1044 923.33 901.42 915 1078.89 a Average Variable Cost D $ 1 625 500 416.67 35713 312.5 27778
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Please check if CDE are right, thanks
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