(a) Fill in the table below.Instructions: Round your answers to the nearest whole number.TotalMarginalTotalOutputPriceATCMCRevenueRevenueCost1$19$2521840317504165815656147471387(b) Draw a graph of the firm's demand, marginal revenue, marginal cost, and average total cost curves.Instructions: Use the graphing tools provided to plot the demand (D), marginal revenue (MR), marginal cost (MC), and average totalcost (ATC) curves. Plot 7 points each for D, MR and ATC. Plot 6 points for MC. Instructions: Round your answers to the nearest whole number.(c) Calculate the firm's total profit.Total profit: $0(Click to select)(d) If the firm d03610hum efficiency, how much will ts output be?Optimum out42(e) If the firm were a perfect competitor, how much would its price be in the long run?Long run price: $ [

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a) Fill in the table below. nstructions: Round your answers to the nearest whole number. Total Marginal Total Output Price ATC MC Revenue Revenue Cost 1 $19 $ $25 18 40 17 50 4 16 58 15 65 14 74 13 87

a) Fill in the table below. nstructions: Round your answers to the nearest whole number. Total Marginal Total Output Price ATC MC Revenue Revenue Cost 1 $19 $ $25 18 40 17 50 4 16 58 15 65 14 74 13 87

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

(a) Fill in the table below.
Instructions: Round your answers to the nearest whole number.
Total
Marginal
Total
Output
Price
ATC
MC
Revenue
Revenue
Cost
1
$19
$25
2
18
40
3
17
50
4
16
58
15
65
6
14
74
7
13
87
(b) Draw a graph of the firm's demand, marginal revenue, marginal cost, and average total cost curves.
Instructions: Use the graphing tools provided to plot the demand (D), marginal revenue (MR), marginal cost (MC), and average total
cost (ATC) curves. Plot 7 points each for D, MR and ATC. Plot 6 points for MC.

Instructions: Round your answers to the nearest whole number.
(c) Calculate the firm's total profit.
Total profit: $0
(Click to select)
(d) If the firm d0
36
10
hum efficiency, how much will ts output be?
Optimum out
42
(e) If the firm were a perfect competitor, how much would its price be in the long run?
Long run price: $ [

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need d and e rest part are solved answer is here Solution:- Given Monthly demand function: Q=300-4P .... (1) Cost function: TC=15Q+1000 ..... (2) Part a Revenue = Price * quantity Q=300-4P⇒4P=300-Q⇒P=75-0.25Q So R=PQR=75-0.25QQR=75Q-0.25Q2 ... (3) To maximize revenue, differentiate the equation 3 with respect to Q dRdQ=75-0.5Q Put dRdQ=075-0.5Q=0⇒0.5Q=75⇒Q=150 Second-order condition for revenue maximization: d2RdQ2=-0.5<0 Revenue is maximization quantity is 150 From equation 3 R=75×150-0.25×1502R=5625 The maximum revenue is $5625 part b Differentiate equation 1 with respect to Q dQdP=-4 Price elasticity is calculated as e=dQdP×PQe=-4×75-0.25×150150e=-4×0.25e=-1 Price elasticity at revenue-maximizing point is -1 part c Total cost of producing 150 units: TC=15×150+1000TC=3250 Profit at revenue-maximizing level of output: Profit = revenue - costProfit =5625-3250Profit =2375
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