56. Total profit from marginal profit. Hanna's Hat Com-pany's marginal profit, P, as a function of its total cost,C, is given bydP-200dC (C + 3)3/2"a) Find the profit function, P(C), if P = $10 whenC = $61.b) At what cost will the firm break even (P = 0)?

‘Profit function’ is the mathematical relationship between a company's overall profitability and…

Answered: 56. Total profit from marginal profit.…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 22RQ: How does the average variable cost curve help a firm know whether it should shut down immediately?

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How does the average variable cost curve help a firm know whether it should shut down immediately?
A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.
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2 13 on 4 tion 5 me solve this K A clothing company determines that its marginal cost, in dollars per dress, is given by the function below. The total cost of producing the first 220 dresses is $9724. Find the cost of producing the 221st through the 340th dress. 2 C'(x) = -25x+53, for x ≤650 The total cost is $ (Round to the nearest dollar as needed.) View an example Get more help - FERON kamint DELL ... Clear all Chock answer brrect: 1 A O 11:51
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56. Total profit from marginal profit. Hanna's Hat Com- pany's marginal profit, P, as a function of its total cost, C, is given by dP -200 dC (C + 3)3/2" a) Find the profit function, P(C), if P = $10 when C = $61. b) At what cost will the firm break even (P = 0)?