The following table shows revenue, costs, and profits, where quantities are in thousands, and total revenue, total cost, and profit are in millions of dollars: Find the profit maximizing price and quantity. Price Quantity (1,000s) Total Revenue Marginal Revenue Total Cost Profit $ 100 0 $ 0 ---- $ 2 $ -2 90 100 9 $ 9 3 6 80 200 16 7 4 12 70 300 21 5 5 16 60 400 24 3 6 18 50 500 25 1 7 18 40 600 24 -1 8 16 30 700 21 -3 9 12 20 800 16 -5 10 6 10 900 9 -7 11 -2 0 1,000 0 -9 12 -12
The following table shows revenue, costs, and profits, where quantities are in thousands, and total revenue, total cost, and profit are in millions of dollars: Find the profit maximizing price and quantity. Price Quantity (1,000s) Total Revenue Marginal Revenue Total Cost Profit $ 100 0 $ 0 ---- $ 2 $ -2 90 100 9 $ 9 3 6 80 200 16 7 4 12 70 300 21 5 5 16 60 400 24 3 6 18 50 500 25 1 7 18 40 600 24 -1 8 16 30 700 21 -3 9 12 20 800 16 -5 10 6 10 900 9 -7 11 -2 0 1,000 0 -9 12 -12
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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- The following table shows revenue, costs, and profits, where quantities are in thousands, and total revenue, total cost, and profit are in millions of dollars: Find the profit maximizing price and quantity.
Price |
Quantity (1,000s) |
Total Revenue |
Marginal Revenue |
Total Cost |
Profit |
$ 100 |
0 |
$ 0 |
---- |
$ 2 |
$ -2 |
90 |
100 |
9 |
$ 9 |
3 |
6 |
80 |
200 |
16 |
7 |
4 |
12 |
70 |
300 |
21 |
5 |
5 |
16 |
60 |
400 |
24 |
3 |
6 |
18 |
50 |
500 |
25 |
1 |
7 |
18 |
40 |
600 |
24 |
-1 |
8 |
16 |
30 |
700 |
21 |
-3 |
9 |
12 |
20 |
800 |
16 |
-5 |
10 |
6 |
10 |
900 |
9 |
-7 |
11 |
-2 |
0 |
1,000 |
0 |
-9 |
12 |
-12 |
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