Question 1 Quantity TotalFixed Marginal Revenue Marginal Variable Total Average Average Demanded Price Total Total Cost Profit Cost Variable Total Revenue Cost Cost Cost Cost QD P TR= QDX TC-TFC+ (TR-TC) TFC TVC=TC- MR MC AVC= ATC P TVC TFC TVC/QD 500 2000 -2000 2000 NA NA NA NA 10 460 4600 4500 100 2000 2500 4600 2500 250.00 450.00 20 430 8600 7200 1400 2000 5200 4000 2700 260.00 360.00 30 380 11400 10100 1300 2000 8100 2800 2900 270.00 336.67 40 370 14800 13200 1600 2000 11200 3400 3100 280.00 330.00 50 310 15500 16500 -1000 2000 14500 700 3300 290.00 330.00 60 240 14400 20000 -S600 2000 18000 -1100 3500 300.00 333.33 70 200 14000 27900 -13900 2000 25900 -400 7900 370.00 398.57 80 150 12000 33200 -21200 2000 31200 -2000 5300 390.00 415.00 90 130 11700 38900 -27200 2000 36900 -300 S700 410.00 432.22 100 100 10000 47000 -37000 2000 45000 -1700 (1) 450.00 470.00 How many unit(s) should the supplier produce (based on the marginal revenue and marginal cost comparison)? Question 2 A market demand function is given by the equation, Quantity demanded (Qd) = 150 – 5P. Determine the value of consumer surplus if price is equal to 10. Draw the consumer surplus graph and calculate the consumer surplus.
Question 1 Quantity TotalFixed Marginal Revenue Marginal Variable Total Average Average Demanded Price Total Total Cost Profit Cost Variable Total Revenue Cost Cost Cost Cost QD P TR= QDX TC-TFC+ (TR-TC) TFC TVC=TC- MR MC AVC= ATC P TVC TFC TVC/QD 500 2000 -2000 2000 NA NA NA NA 10 460 4600 4500 100 2000 2500 4600 2500 250.00 450.00 20 430 8600 7200 1400 2000 5200 4000 2700 260.00 360.00 30 380 11400 10100 1300 2000 8100 2800 2900 270.00 336.67 40 370 14800 13200 1600 2000 11200 3400 3100 280.00 330.00 50 310 15500 16500 -1000 2000 14500 700 3300 290.00 330.00 60 240 14400 20000 -S600 2000 18000 -1100 3500 300.00 333.33 70 200 14000 27900 -13900 2000 25900 -400 7900 370.00 398.57 80 150 12000 33200 -21200 2000 31200 -2000 5300 390.00 415.00 90 130 11700 38900 -27200 2000 36900 -300 S700 410.00 432.22 100 100 10000 47000 -37000 2000 45000 -1700 (1) 450.00 470.00 How many unit(s) should the supplier produce (based on the marginal revenue and marginal cost comparison)? Question 2 A market demand function is given by the equation, Quantity demanded (Qd) = 150 – 5P. Determine the value of consumer surplus if price is equal to 10. Draw the consumer surplus graph and calculate the consumer surplus.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Please answer both I will give good review.
Transcribed Image Text:Question 1
Marginal
Revenue Marginal Variable
Quantity
TotalFixed
Total
Average
Average
Demanded
Price
Total
Total Cost
Profit
Cost
Variable
Total
Revenue
Cost
Cost
Cost
Cost
QD
P
TR= QDX TC=TFC+ (TR-TC)
TFC
TVC=TC-
MR
MC
AVC=
ATC
P
тус
TFC
TVC'QD
500
2000
-2000
2000
NA
NA
NA
NA
10
460
4600
4500
100
2000
2500
4600
2500
250.00
450.00
20
430
8600
7200
1400
2000
5200
4000
2700
260.00
360.00
30
380
11400
10100
1300
2000
8100
2800
2900
270.00
336.67
40
370
14800
13200
1600
2000
11200
3400
3100
280.00
330.00
50
310
15500
16500
-1000
2000
14500
700
3300
290.00
330.00
60
240
14400
20000
-5600
2000
18000
-1100
3500
300.00
333.33
70
200
14000
27900
-13900
2000
25900
-400
7900
370.00
398.57
80
150
12000
33200
-21200
2000
31200
-2000
5300
390.00
415.00
90
130
11700
38900
-27200
2000
36900
-300
5700
410.00
432.22
100
100
10000
47000
-37000
2000
45000
-1700
(1)
450.00
470.00
How many unit(s) should the supplier produce (based on the marginal revenue and marginal cost
comparison)?
Question 2
A market demand function is given by the equation, Quantity demanded (Qd) = 150 – 5P.
Determine the value of consumer surplus if price is equal to 10. Draw the consumer surplus
graph and calculate the consumer surplus.
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