A. What is the profit-maximizing price and quantity?B. What is the revenue-maximizing price and quantity?C. When total cost exceeds total revenue, profits are? Complete Table Below (1-9):Sum all orthefixed costs fromPrice x Quatity above. TFCdoes not varyfrom unit toUnit variable Totalcost (average Variable Cost+ Total FixedCost TFC +|TVCTotalRevenue -Total CostTR - TCChange in|(TotalRevenue)|/(Change in|Quantity)|Change in|(Total Cost)/(Change inQuantity)Total Cost /QuantityTC / QTotalVariable Cost/ QuantityTVC / QBasic Formulavariable) xQuantityAVC x QPx QExcel formulas for the various functions: Usingthe power of Excel (first row formulas) use Fill-Down function to complete each column tosave yourself from creating a calculation ineach cell (very time-consuming). Ignore the :mark when creating the formulas. See thenext worksheet for instructios for using the fill-:=sum (d15- :=sum(g15-d14)/(c15-c14)g14)/(c15-c14):=b14*c14Enter figure:=50*C14:=e14+f14:=d14-g14:=g15/c15:=f15/c153) TotalVariable Cost4) Total Cost(TVC)6) MarginalRevenue (MR) Cost (MC)-$3508) AverageTotal Cost9) AverageVariable Cost(AVC)Price/Demand Curve(surfboards)1) Total Revenue 2) Total FixedCost (TFC)$3007) Marginal|Quantity$300$290(TR)(TC)5) Profit(ATC)1$60050$650$580$280$260350.0250.0200.0170.0150.02$600100$700-$12050.0050$600$600$90$280$2803$840150$75050.0050$2704200$240$1,080$1,300$1,500$1,680$1,840$1,980$2,100$2,200$2,280$2,340$2,380$2,400$2,400$2,380$2,340$2,280$2,200$2,100$80050.0050250$450$600$730$260$600$850$22050.0050$2506$600300$900$20050.005050$180$160$140$2407$600350$95050.00135.7$1,000$1,050$1,100$1,150$1,200$1,250$1,300$1,350$1,400$1,450$1,500$1,550$1,600400$8405050$2308$60050.00125.0450500$2209$600$93050.00116.7$1,000$1,050$1,080$1,090|$1,080$1,050$1,00010$120$100$210$60050.00110.050104.5550600$20011$60050.0050$80$60$40$20$05050$19012$60050.00100.0$18013$60065050.0096.2$17014$60070050.0092.950$16015$60075050.0090.0508005050$15016$60050.0087.5$14085.385090017$600$930-$2050.00$13018$600$840-$4050.0083.350$120950$730$600$45019$600-$6050.0081.650$11020$6001000-$8050.0080.050$10021$6001050$1,650-$10050.0078.65088::::8:::::8:::::88

Price times quantity gives total revenue of a firm. Profit is the difference between total revenue…

Answered: What is the profit-maximizing price and…

What is the profit-maximizing price and quantity? B. What is the revenue-maximizing price and quantity? C. When total cost exceeds total revenue, profits are?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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