The data in the below table shows the production and costs of certain firm, use the table to answer the following quest TR MR TC 1 27 MC AC Profit/loss 28 33 40 49 75 24 3. 21 4. 18 15 6. 12 114 1. Based on the above table, at which level of output the firm gets maximum revenue? 2. Based on the above table, what is the value of profit maximization output (Q*) and Profit maximization price (P*)? 3. Based on the above table, Does the firm get profit/loss if the firm produces Q* units?

The data in the below table shows the production and costs of certain firm, use the table to answer the following quest TR MR TC 1 27 MC AC Profit/loss 28 33 40 49 75 24 3. 21 4. 18 15 6. 12 114 1. Based on the above table, at which level of output the firm gets maximum revenue? 2. Based on the above table, what is the value of profit maximization output (Q) and Profit maximization price (P)? 3. Based on the above table, Does the firm get profit/loss if the firm produces Q* units?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the information for a competitive firm in the table below to answer questions 1 through 3. Quantity Total Revenue Total Cost MR MC $0 $ 32 5 45 40 $9 $8/5 54 49 $9 $9 7 63 59 $9 $10 8 72 70 $9 $11 1. At which quantity of output is max Profit? ANSWER: Q= 6units, where MC=MR 2. The maximum profit available to this firm is ANSWER: at Q=6, TR-TC= $5. 3. If the firm finds that its marginal cost is $11, it should increase or decrease production to maximize profit? LO
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