Suppose Amy runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan. The following graph shows Amy's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for frying pans quantities zero through seven (inclusive) that Amy produces. ?
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- 00 CO T 2. 75 50 TOTAL COST AND REVENUE (Dollars) 3. Profit maximization using total cost and total revenue curves Suppose Susan runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan. The following graph shows Susan's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for frying pans quantities zero through seven (inclusive) that Susan produces. 00. 175 Total Revenue 150 Total Cost 125 Profit 25 -25 4 9. QUANTITY (Frying pans) 8 3. 5. 7. MacBook Pro -CHEF- 23 2$ 4. M K H M X3. Profit maximization using total cost and total revenue curves Suppose Sam runs a small business that manufactures shirts. Assume that the market for shirts is a perfectly competitive market, and the market price is $20 per shirt. The following graph shows Sam's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for the first seven shirts that Sam produces, including zero shirts. TOTAL REVENUE, TOTAL COST, AND PROFIT (Dollars) 200 175 150 125 100 75 50 25 a -25 0 3 6 QUANTITY OF OUTPUT (Shirts) 2 4 5 Total Cost 7 8 O Total Revenue Profit (?)Calculate Jacques's marginal revenue and marginal cost for the first seven teddy bears he produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. 40 35 Marginal Revenue 30 25 Marginal Cost 20 15 10 2 3 4 5 7 8 QUANTITY (Teddy bears) Jacques's profit is maximized when he produces , which is teddy bears. When he does this, the marginal cost of the last teddy bear he produces is than the price Jacques receives for each teddy bear he sells. The marginal cost of producing an additional teddy bear (that is, one more teddy bear than would maximize his profit) is s , which is than the price Jacques receives for each teddy bear he sells. Therefore, Jacques's profit-maximizing quantity corresponds to the intersection of the curves. Because Jacques is a price taker, this last condition can also be written as COSTS AND REVENUE (Dollars per teddy bear)
- 4. Profit maximization in the cost-curve diagram Suppose that the market for cashmere sweaters is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. Hint: After placing the rectangle on the graph, you can select an endpoint to see the coordinates of that point. 100 90 Profit or Loss 80 ATC 20 AVC MC 10 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of sweaters per day) In the short run, at a market price of $45 per sweater, this firm will choose to produce sweaters per day. PRICE (Dollars per sweater)Price You are the manager of a firm that charges customers $16 per unit for the first unit purchased, and $12 per unit for each additional unit purchased in excess of one unit. The accompanying graph summarizes your relevant demand and costs. 0 18 16 + 12 10 20 14 8 6 4 2 0 1 2 3 4 Quantity MC-AC D 5 6 7 ernal browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-grow a. What is the economic term for your firm's pricing strategy? First degree price discrimination O Fourth degree price discrimination O Third degree price discrimination O Second degree price discrimination Seved b. Determine the profits you earn from this strategy.Suppose Jake runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan. The following graph shows Jake's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for frying pans quantities zero through seven (inclusive) that Jake produces. 200 175 Total Revenue 150 Total Cost 125 Profit 100 75 50 25 -25 1 2 6 8 QUANTITY (Frying pans) Calculate Jake's marginal revenue and marginal cost for the first seven frying pans he produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity. (? 40 35 Marginal Revenue 30 25 Marginal Cost 20 15 1 2 3 4 5 6. QUANTITY (Frying pans) Jake's profit is maximized when he produces frying pans. When he does this, the marginal cost of the last frying pan he…
- 3. A local firm produces three types of pizza, for delivery to homes in the area. The owners have completed research, to discover the demand curves for each of the three pizzas. The schedules are shown below: (Quantities are per week). Price Pizza A (Qd) Pizza B (Qd) Pizza C (Qd) 12 800 100 11 840 200 10 880 400 300 9. 920 800 400 8 960 1200 500 1000 1600 600 1040 2000 700 1080 2400 800 Plot the three demand curves, on one graph. a) Calculate the Market demand for Pizza. b) Calculate Price Elasticity of Demand for all three pizzas over the price range £9 to £10. c) For pizza C only, what price must be charged if the firm wishes to maximize its sales revenue? II4. Profit maximization using total cost and total revenue curves Suppose Sharon runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10 per shirt. The following graph shows Sharon's total cost curve. Use the blue points (circle symbol) to plot total revenue, and the green points (triangle symbol) to plot profit for the first seven shirts that Sharon produces, including zero shirts. 125 T 100 75 0 -50 30 20 15 0 1 0 2 1 3 4 5 QUANTITY (Shirts) 2 Calculate Sharon's marginal revenue and marginal cost for the first seven shirts she produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. 3 5 QUANTITY (Shirts) 4 П 6 Total Cost ☐ 6 7 -O 8 Sharon's profit is maximized when she produces which is than would maximize her profit) is $, which is maximizing quantity corresponds to the Intersection of the last…3. Profit maximization using total cost and total revenue curves Suppose Nick runs a small business that manufactures shirts. Assume that the market for shirts is a competitive market, and the market price is $20 per shirt. The following graph shows Nick's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for shirts quantities zero through seven (inclusive) that Nick produces. ? 200 175 150 Total Cost 125 100 75 50 TOTAL COST AND REVENUE (Dollars) 0 -25 0 ☐ 1 2 ☐ ■ 3 4 5 QUANTITY (Shirts) ☐ 6 7 8 。 Total Revenue Profit
- The following graph shows the daily demand curve for bippitybops in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per bippitybop) 240 220 200 180 160 140 120 100 80 8 60 40 20 0 mớ H + 0 9 18 27 36 45 54 63 72 81 QUANTITY (Bippitybops per day) * Demand 90 B 99 108 Total Revenue (?)3. Profit maximization using total cost and total revenue curves Suppose Raphael runs a small business that manufactures shirts. Assume that the market for shirts is a competitive market, and the market price is $20 per shirt. The following graph shows Raphael's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for the first seven shirts that Raphael produces, including zero shirts. TOTAL COST AND REVENUE (Dollars) 200 175 150 125 100 75 25 0 -25 0 1 2 ♫ 3 4 5 QUANTITY (Shirts) 6 Total Cost ☐ 7 8 Total Revenue Profit ?The total revenue of a fimm decreased after an increase of the price of the goods it sells. Explain why this can happen. Include a graph in your explanation. Indicate price effect and output effect in your graph.