According to the table,Instructions: Enter your responses as a whole number.a. what was the prevailing computer price in 1978?1000b. how much total profit did the typical firm earn?87420C. at what price would profits have been zero?d. at what price would the firm have shut down?Below $%24 The table below illustrates the output choices the typical computer producer faced in 1978.Profit perUnit (Price -АТC)OutputTotalMarginal Revenue* AverageCost*PriceTotal Cost Total ProfitperMonthRevenueRevenue*Total Cost$1,000$0$60,000-$60,0001001,000100,00090,00010,000$1,000$300$900$1002001,000200,000130,00070,0001,0004006503503001,000300,000180,000120,0001,0005006004004001,000400,000240,000160,0001,0006006004005001,000500,000320,000180,0001,0008006403606001,000600,000420,000180,0001,0001,0007003007001,000700,000546,000154,0001,0001,2607802208001,000800,000720,00080,0001,0001,7409001009001,000900,000919,800-19,8001,0001,9981,022-22*Note that output levels are calibrated in hundreds in this example; that's why we have divided the change in total costs andrevenues from one output level to another by 100 to calculate marginal revenue and marginal cost. Very few manufacturers deal inunits of 1.

(A) According to the table provided in the problem, the current computer price in 1978 was $1,000.…

Answered: Instructions: Enter your responses as a…

Instructions: Enter your responses as a whole number. a. what was the prevailing computer price in 1978? 1000 b. how much total profit did the typical firm earn? 87420 %24 %24

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

According to the table,
Instructions: Enter your responses as a whole number.
a. what was the prevailing computer price in 1978?
1000
b. how much total profit did the typical firm earn?
87420
C. at what price would profits have been zero?
d. at what price would the firm have shut down?
Below $
%24

The table below illustrates the output choices the typical computer producer faced in 1978.
Profit per
Unit (Price -
АТC)
Output
Total
Marginal Revenue* Average
Cost*
Price
Total Cost Total Profit
per
Month
Revenue
Revenue*
Total Cost
$1,000
$0
$60,000
-$60,000
100
1,000
100,000
90,000
10,000
$1,000
$300
$900
$100
200
1,000
200,000
130,000
70,000
1,000
400
650
350
300
1,000
300,000
180,000
120,000
1,000
500
600
400
400
1,000
400,000
240,000
160,000
1,000
600
600
400
500
1,000
500,000
320,000
180,000
1,000
800
640
360
600
1,000
600,000
420,000
180,000
1,000
1,000
700
300
700
1,000
700,000
546,000
154,000
1,000
1,260
780
220
800
1,000
800,000
720,000
80,000
1,000
1,740
900
100
900
1,000
900,000
919,800
-19,800
1,000
1,998
1,022
-22
*Note that output levels are calibrated in hundreds in this example; that's why we have divided the change in total costs and
revenues from one output level to another by 100 to calculate marginal revenue and marginal cost. Very few manufacturers deal in
units of 1.

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