PriceQuantity Total Demanded Revenue Revenue Marginal Total Cost Marginal Cost $24 1000 $24,000 *** $15,000 $22 1250 $27,500 $14 $17,000 $8 $20 1500 $10 $19,500 $10 $18 1750 $31,500Y $23,000 $14 $16 2000 $32,000 $2 $27,000Z

PriceQuantity Total Demanded Revenue Revenue Marginal Total Cost Marginal Cost $24 1000 $24,000 *** $15,000 $22 1250 $27,500 $14 $17,000 $8 $20 1500 $10 $19,500 $10 $18 1750 $31,500Y $23,000 $14 $16 2000 $32,000 $2 $27,000Z

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

Use the data below to answer the questions: A. Calculate total revenue at X. B. Calculate marginal revenue at Y. C. Calculate marginal cost at Z.

PriceQuantity Total
Demanded Revenue Revenue
Marginal
Total
Cost
Marginal Cost
$24 1000
$24,000
*******
$15,000
**
$22 1250
$27,500 $14
$17,000 $8
$20 1500
$10
$19,500 $10
$18 1750
$31,500 Y
$23,000 $14
$16 2000
$32,000 $2
$27,000 Z

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