Assignment, economics, Microeconomics

Assignment Help:
In the table below are given the output (X), T.C., and Price for a firm. Complete the following table, and then answer the questions at the bottom of the table.
 
X T.C P=A.R.=52, T.R, A.T.C, M.C, M.R, Profit
0      72
1      90
2     112
3     138
4     168  
5      202
6      240
7      282
8      328
9      378
10    432

A. The profit maximization level of output (PMS) for a price of $52 is __________units of output with a (profit/loss) _______ of $ ________



B. At various prices below, indicate the Quantity Supplied and its corresponding Profit or Loss (exact amount)

Price Quantity Supplied Profit or Loss (exact)

54
46
42
38
34
26

Monopoly Problem

Mark Cherry and Eric Jones jointly patented a method for manufacturing Adam Smith bobble head dolls. The plan is for a very limited production run. They investigate the potential market for this unique novelty and find their sales and total cost schedules to be as follows: (The costs include a licensing fee to the estate of Adam Smith)

Sales Unit Price Total Cost
0 200 140
1 180 170
2 160 200
3 140 220
4 120 250
5 100 300
6 80 380

A) Calculate their TR, MR, ATC, MC and profit/loss schedules

B) Determine the equilibrium price, equilibrium output, unit profit, and total profit at the equilibrium point for these ingenious entrepreneurs.





42 __________ ________



38 __________ ________



34 __________ ________



26

Related Discussions:- Assignment, economics

Supply, The table shows the demand schedule of Taylor Swift’s concert ticke...

The table shows the demand schedule of Taylor Swift’s concert ticket. Draw the demand curve for her concert ticket

Production possibilities curve, What is the marginal opportunity producing ...

What is the marginal opportunity producing the first unit of paper? The marginal opportunity cost of producing the forth unit of paper?

Draw demand curve, Suppose that the following equation characterizes the de...

Suppose that the following equation characterizes the demand for primary education in a developing country X: Q = 100 – 2P Where Q is quantity demanded in years of schooling and

Elasticity, not that long ago we experienced the excitement of thinking we ...

not that long ago we experienced the excitement of thinking we would have cheaper online books and free music. these visions that we had of a free market utopia that blinded us to

Technical economies, Technical Economies: They are economies that acc...

Technical Economies: They are economies that accrue from the use of large machines with emphasis on full utilization and efficiency in production. First, there are some equip

Market, describe engineering cost theory in detail

describe engineering cost theory in detail

Cost function, function with equation,variable,parameter

function with equation,variable,parameter

Americas Dependency on China, What will be the effects of americas dependen...

What will be the effects of americas dependency on china?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd