Assignment, economics, Microeconomics

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
Posted Date: 3/22/2012 12:14:09 PM | Location : United States







Related Discussions:- Assignment, economics, Assignment Help, Ask Question on Assignment, economics, Get Answer, Expert's Help, Assignment, economics Discussions

Write discussion on Assignment, economics
Your posts are moderated
Related Questions
Explanatory research is research conducted in order to describe any behavior in the market. It could be done by using questionnaires, group discussions, random sampling,  interview

Perfect Competition It's a market where conditions prevail like that buyers and suppliers are without the ability to manipulate price in any significant way such that the marke


The main features of outward-oriented and inward-oriented development strategies. Inward- oriented as focus on reducing domestic reliance on imports by executing high barrier

Why a high level of labor force growth is correlated A high level of labor force growth is correlated--even though less powerfully--with a low level of output per worker. The a

Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commod

Determinants of Private Demand for Education Rates of return on investment in education is only one of the factors determining the demand for private investment though it is

Equity: The proportion of a company's total assets which are "owned" outright by the company's owners. A company's equity is equivalent to its value less its debt owed to bankers,

You estimate that the price elasticity of demand for one-acre plots in Lusaka is -1.5 and that income elasticity of demand is 5. Land owners intend to increase the price of a one-a

What is studying platform? Explain this term in brief. Studying Platform: A studying platform into modern economics comprises some basic economic principles or theories. Thi