Please check if CDE are right, thanks Instructions: Round your answers to the nearest whole number.(c) Calculate the firm's total profit.Total profit: $ 10(d) If the firm operates at optimum efficiency, how much will its output be?Optimum output:(e) If the firm were a perfect competitor, how much would its price be in the long run?Long run price: $13 (a) Fill in the table below.Instructions: Round your answers to the nearest whole number.TotalMarginalRevenueTotalOutputPriceATCMCRevenueCost1$19$2518403.17504165815656147471387(b) Draw a graph of the firm's demand, marginal revenue, marginal cost, and average total cost curves.Instructions: Use the graphing tools provided to plot the demand (D), marginal revenue (MR), marginal cost (MC), and average totalcost (ATC) curves. Plot 7 points each for D, MR and ATC. Plot 6 points for MC.

Answered: Image /qna-images/answer/bff83f42-ecbc-4e3c-bc38-c52cac74f4ce.jpg

Instructions: Round your answers to the nearest whole number. (c) Calculate the firm's total profit. Total profit: $ 10 (d) If the firm operates at optimum efficiency, how much will its output be? Optimum output:| 6| (e) If the firm were a perfect competitor, how much would its price be in the long run?

Instructions: Round your answers to the nearest whole number. (c) Calculate the firm's total profit. Total profit: $ 10 (d) If the firm operates at optimum efficiency, how much will its output be? Optimum output:| 6| (e) If the firm were a perfect competitor, how much would its price be in the long run?

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

Please check if CDE are right, thanks

Instructions: Round your answers to the nearest whole number.
(c) Calculate the firm's total profit.
Total profit: $ 10
(d) If the firm operates at optimum efficiency, how much will its output be?
Optimum output:
(e) If the firm were a perfect competitor, how much would its price be in the long run?
Long run price: $
13

(a) Fill in the table below.
Instructions: Round your answers to the nearest whole number.
Total
Marginal
Revenue
Total
Output
Price
ATC
MC
Revenue
Cost
1
$19
$25
18
40
3.
17
50
4
16
58
15
65
6
14
74
7
13
87
(b) Draw a graph of the firm's demand, marginal revenue, marginal cost, and average total cost curves.
Instructions: Use the graphing tools provided to plot the demand (D), marginal revenue (MR), marginal cost (MC), and average total
cost (ATC) curves. Plot 7 points each for D, MR and ATC. Plot 6 points for MC.

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