**Interactive Learning Exercise: Calculating Total Revenue and Marginal Revenue**Welcome to this interactive exercise designed to deepen your understanding of economic concepts related to monopolistic pricing and revenue calculation. ---**Exercise Instructions:**a. **Calculate the Missing Total Revenue (TR) and Marginal Revenue (MR) for Group 1**- **Instructions:** Enter your answers rounded to two decimal places. If negative numbers are required, use a negative sign (–).| Price | Quantity Demanded | Total Revenue | Marginal Revenue ||-------|-------------------|---------------|------------------|| $115 | 0 | | || 100 | 1 | | || 83 | 2 | | || 71 | 3 | | || 63 | 4 | | || 55 | 5 | | || 48 | 6 | | || 42 | 7 | | || 37 | 8 | | || 33 | 9 | | || 29 | 10 | | |**Group 2 Calculations (Provided for Reference):**| Price | Quantity Demanded | Total Revenue | Marginal Revenue ||-------|-------------------|---------------|------------------|| $71 | 0 | $ 0 | || 63 | 1 | 63 | $63 || 55 | 2 | 110 | 47 || 48 | 3 | 144 | 34 || 42 | 4 | 168 | 24 || 37 | 5 | 185 | 17 || 33 | 6 | 198 | 13 || 29 | 7 | 203 | 5 |---**Further Instructions:**b. **Assume that MC is $13 in both markets and MC = ATC at all output levels. Calculate the price in each market.**- **Instructions:** Enter your answers as whole numbers. - Group 1: ______ units will be produced at a price of $____. -

Answered: Image /qna-images/answer/820d2e1a-dcff-412b-ad63-5fc6b541115d.jpg

a. Calculate the missing TR and MR amounts for Group 1. Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Group 1 Group 2 Quantity Demanded Total Revenue Marginal Revenue Quantity Demanded Total Revenue Marginal Revenue Price Price $115 100 83 71 $71 $0 63 4 63 1 63 S63 55 5 55 110 47 48 48 3 144 34 es 42 7 42 4 168 24 37 8 37 185 17 33 9 33 198 13 29 10 29 203 Instructions: Enter your answers as a whole number. b. Assume that MC is $13 in both markets and MC = ATC at all output levels. What price will the firm charge in each market? Group 1: units will be produced at a price of $ Group 2: units will be produced at a price of $ c. Based solely on these two prices, which market has the higher price elasticity of demand? O The first market has the higher price elasticity of demand. O The second market has the higher price elasticity of demand. d. What will be this monopolist's total economic profit?

a. Calculate the missing TR and MR amounts for Group 1. Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Group 1 Group 2 Quantity Demanded Total Revenue Marginal Revenue Quantity Demanded Total Revenue Marginal Revenue Price Price $115 100 83 71 $71 $0 63 4 63 1 63 S63 55 5 55 110 47 48 48 3 144 34 es 42 7 42 4 168 24 37 8 37 185 17 33 9 33 198 13 29 10 29 203 Instructions: Enter your answers as a whole number. b. Assume that MC is $13 in both markets and MC = ATC at all output levels. What price will the firm charge in each market? Group 1: units will be produced at a price of $ Group 2: units will be produced at a price of $ c. Based solely on these two prices, which market has the higher price elasticity of demand? O The first market has the higher price elasticity of demand. O The second market has the higher price elasticity of demand. d. What will be this monopolist's total economic profit?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6-10F Fill in the blanks in the figure below: a. c. b. C. d. Price and marginal revenue (in dollars) Total revenue in dolla 80 P 48 4 12,800 8 16 18 19,200 T TR PMR g h. 200 1. 200 Quantity Demand -1 1,000 Marginal Revenue Total Revenue 1.000
7. Study Questions and Problems #7 Use the data from the following demand schedule to answer the questions that follow. Price (P) (Dollars) Total Revenue (TR) Marginal Revenue (MR) Quantity Demanded (Q) (Dollars) (Dollars) 20.00 0 0.00 18.00 18.00 1 18.00 14.00 16.00 2 32.00 10.00 14.00 3 42.00 6.00 12.00 4 48.00 2.00 10.00 5 50.00 -2.00 8.00 6 48.00 -6.00 6.00 7 42.00 -10.00 4.00 8 32.00 -14.00 2.00 9 18.00 -18.00 0.00 10 0.00 Make the unrealistic assumption that production is costless for the monopolist in this question. The monopolist will charge a price of $ for the monopolist. per unit and sell units. This will yield an economic profit of S Now assume the marginal cost is above zero and is equal to the marginal revenue of the fourth unit. The monopolist will now charge monopolist will now earn price and produce when production was costless. In turn, the economic profit compared to when production was costless.
Give me correct answer with calculation and full explanation otherwise i give downvote Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
3. Answer the following questions about the figure below: eliqu Price $20 $18 $16 $14 $12 $10 $8. $6 $4 $2 0 MR D 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Quantity MC a. What is the profit-maximizing level of output? iliw tailogonom off 010 +115d0-(899 moitiba T wilmM) loods.P b. What price with the monopolist charge to maximize profits?
The profit-maximizing price is ______
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|Price Demanded Revenue Revenue Marginal Cost Cost $24 1000 $24,000 ** $15,000 ** ** ** $22 1250 $27,500 $14 $17,000 $8 $20 1500 $10 $19,500 $10 $18 1750 $31,500 Y $23,000 $14 $16 2000 $32,000 $2 $27,000 Z (a) Calculate total revenue at X. (b) Calculate marginal revenue at Y. (c) Calculate marginal cost at Z. (d) Find the profit maximizing price. (e) Find the profit maximizing quantity. (f) Find the profit the firm will earn.
6. No. of COWS (Head) 0 25 50 75 100 125 150 175 200 225 250 275 If the price of beef was $98.00 what is the optimum number of cows and the profit or loss at that number and price? Output (cwt. of beef) 0 104 220 322 413 494 568 629 676 710 730 737 Total Total Average Average Average Marginal Marginal Total Total Profit Cost Variable Fixed Revenue Revenue Fixed Total Cost Cost Costs Costs Cost 20,000 20,000 XXX XXX XXX 20,000 24,500 43.27 192.31 235.58 90.91 131.82 20,000 29,000 40.91 20,000 33,500 41.93 62.11 104.04 20,000 38,000 43.58 48.43 92.01 45.55 40.49 86.03 20,000 42,500 47,000 27,000 20,000 47.54 35.21 82.75 20,000 51,500 50.08 31.80 81.88 31,500 36,000 20,000 56,000 53.25 29.59 82.84 57.04 28.17 85.21 40,500 20,000 60,500 45,000 20,000 65,000 61.64 27.40 89.04 49,500 20,000 69,500 67.16 27.14 94.30 Total Variable Cost 0 4,500 9,000 13,500 18,000 22,500 Ans. Ans. XXX 43.27 38.79 44.12 49.45 55.56 60.81 73.77 95.74 132.35 225.00 642.86 98.00 98.00 98.00 98.00 98.00 98.00 98.00…
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What is numbers 1-5?
The number of chairs that Cooper's Millworks can sell per day is given by the table below. Tables Sold Daily. Price Total Revenue Marginal Revenue Average Revenue 1 2 3 300 280 260 What is the missing value A? Answer: 300 560 A 300 260 B 110 280 C
Table 2- The following table presents cost and revenue information for John's Vineyard.- COSTS- REVENUES Marginal Cost Quantity Total Quantity Total Marginal Produced- Cost Demanded Price Revenne Revenne- 0. 0. 0. 80. 1. 50 1. 80. 2. 102- 2. 80- 3. 157. 3. 80 4- 217. 4. 80- 5. 285 5. 80. 6. 365. 6. 80. 7. 462 7. 80- 8. 582. 8. 80. Refer to Table 2. At what quantity does John's Viney ard maximize profits? A 3 B C 7 D 8. CO