Calculate the total revenue if the firm produces 16 versus 15 units. Then, calculate the marginal revenue of the 16th unit produced.The marginal revenue of the 16th unit produced is $Based on your answers from the previous question, and assuming that the marginal revenue curve is a straight line, use the black line (plus symbol)o plot the firm's marginal revenue curve on the following graph. (Round all values to the nearest increment of 40.)MARGINAL REVENUE (Dollars)2001601208020-40048 12 16 202428323640QUANTITY OF OUTPUT (Units)Marginal Revenue(?)Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is

Explaining the calculation of total revenue, marginal revenue, and plotting the marginal revenue…

Answered: Calculate the total revenue if the firm…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3CQQ

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2) The Trouser Company has fixed costs of 2,000 per week. In addition, we have some information about its marginal costs (MC) and total variable costs (TVC). Output MC TVC 30 60 90 100 120 150 140 59 32 59 80 6,000 8,160 14,250 140 275 2,850 4,080 5,310 a) For each of the output levels in the table, calculate the Trouser Company's average variable costs (AVC) and average (total) cost (AC) Output 30 60 90 100 120 150 MC 140 59 32 59 80 140 275 TVC 2,850 4,080 5,310 6,000 8,160 14,250 b) Sketch a diagram showing the marginal cost curve, the average variable cost curve, and the firm's short run supply curve. c) Explain how the firm would maximise its profit, assuming that it faces conditions of perfect competition, in both the short run and the long run. Be careful to explain the conditions under which the firm would shut down or close.
Douglas Fur is a small manufacturer of fake-fur boots in New York City. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Variable Cost Average Variable Cost Average Total Cost Quantity Total Cost Marginal Cost Fixed Cost (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) (Pairs) (Dollars) 120 1 200 240 285 4 340 425 540 On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $200, so you should start your ATC curve by placing a green point at (1, 200). For MC, plot the points between the integers: For example, the MC of…
Douglas Fur is a small manufacturer of fake-fur boots in Philadelphia. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Quantity (Pairs) Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 60 1 155 220 255 300 350 450 10:15
Table 1. Hypothetical Cost Schedule Quantity TFC TVC TC 0 30 0 1 30 15 2 30 20 3 30 23 4 30 28 5 30 38 6 30 60 From the given table 1, show the graphical solution where quantity is the X-axis, and TFC, TVC, TC is the Y-axis and what does the graph implies
Complete the table below: Output TotalCost(RM) Totalvariablecost(RM) Totalfixedcost(RM)Averagefixedcost(RM)Averagetotalcost(RM)Marginalcost (RM) 0 505 16010 20020 25036 33058 40072 48088 580106 700130 820150 980
We have the results from our first Facebook ad campaign. The following table summarizes the results broken down by age and whether the person seeing the add clicked through. Age 40 or under 85 Age more than 40 65 Total Clicked Through 150 Did Not Click 590 260 850 Total 675 325 1000 For our up(combing) (pun intended) campaign, I want to make it as effective as possible, a cut above all other ad campaigns! I'm thinking that since 85 (or 56.7%) of the 150 people who clicked through to our website are age 40 or less, we should focus our ads to only younger people. I'm not great with number though, and since I know you had a stats class in college, I wanted to get your opinion. Should we focus our adds only to those age 40 and under or should we do something else?
Illustrate using the grapgh
340 425 540 On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC curves, plot the points on the integer; for example, the average total cost of producing one pair of boots is $200, so you should start your ATC curve by placing a green point at (1, 200). For marginal cost, plot the points between the integers; for example, the marginal cost of increasing production from zero to one pair of boots is $80, so you should start your MC curve by placing an orange square at (0.5, 80).) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 200 175 ATC 150 125 - AVC 100 MC 75 50 25 1 4 QUANTITY OF OUTPUT (Pairs of boots) COSTS (Dollars per pair) 8 6
Please help with the calculation
for this graph answer the following question what is the total revenue? what is the total profit? what is the maximun point?
Consider total cost and total revenue given in the following table: TABLE IN IMAGE Calculate profit for each quantity. How much should the firm produce to maximize profit?(ii) Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points betweenwhole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2½.) At what quantitydo these curves cross? How does this relate to your answer to part (a)?(iii) Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in along-run equilibrium? (8.75)
Various measures of cost Douglas Fur is a small manufacturer of fake-fur boots in San Francisco. The following table shows the company’s total cost of production at various production quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 0 120 — — 1 200 2 240 3 285 4 340 5 425 6 540

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