Answered: a. Find the missing values of Total…

a. Find the missing values of Total Revenue column b. Find the output level that maximizes the firm's profit, using TR-TC approach c. What price should the firm set to achieve maximum 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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Question

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ASAP!! ANSWER

The demand schedule of Karachi electric (KE) (known as monopolist) is given as below. You need
to find the missing values using TR-TC & MR-MC approaches to analyze its cost of production
and profit maximizing point.
Output
Price
Total Cost
Total Revenue
MC
MR
Rs.10
14
20
Rs.24
1
21
18
15
28
12
38
50
a. Find the missing values of Total Revenue column
b. Find the output level that maximizes the firm's profit, using TR-TC approach
c. What price should the firm set to achieve maximum profit?
d. Complete the final two columns to verify that the same conclusions are reached using the
MR = MC rule.
e. Compare both the results and comment on the business and its position.
234 5

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