Consider the following data on a firm:Number ofUnits Sold Total Revenue (£'s)10203040506070100180240280300300280Fixed Costs are £100, Variable costs are constant at £3 per(i) Write a table showing the price and quantity sold.(ii) Calculate the profit maximising output of the firm(iii) What are the profits at the profit maximising output?(v)unit produced.(iv) What is the average variable cost at the profit maximising output?What is the arc price elasticity of demand between 40 and 50 units?

The objective of the question is to analyze the firm's financial data to determine the price and…

Answered: Consider the following data on a firm:…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Calculate the value of profit when total revenue is $450 and total cost is $320
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in the month of Janaury a car dealership bought its vehicles for $100.000 and sold them for $145,000 It pays its employees $20,000 for the month. What is the gross profit for January? Ⓒ$45.000 Ⓒ$25.000 $100.000 $145.000
Price Quantity Total Revenue Fixed Cost Variable Cost Profit (Dollars per tote) (Totes) (Dollars) (Dollars) (Dollars) (Dollars) 10.00 44,000 16.00 44,000 40.00 44,000 If the firm shuts down, it must incur its fixed costs (FC) in the short run. In this case, the firm's fixed cost is $44,000 per day. In other words, if it shuts down, the firm would suffer losses of $44,000 per day until its fixed costs end (such as the expiration of a building lease). This firm's shutdown price—that is, the price below which it is optimal for the firm to shut down—is per tote.
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The economic profit is $3000, Total revenue is $5000, explicit cost is $800 Calculate implicit cost

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