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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