Consider total cost and total revenue

Reference no: EM13230726

1. Consider total cost and total revenue given in the table below:
QUANTITY 0
Total cost
$8
Total revenue 0

1
$9
8

2
$10
16

3
$11
24

4
$13
32

5
$19
40

6
$27
48

7
$37
56

a. Calculate profit for each quantity. How much should the firm produce to maximize
profit?
b. Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint:
Put the points between whole numbers. At what quantity do these curves cross? How
does this relate to your answer to part (a)?
c. Can you tell whether this firm is in a competitive industry?

Reference no: EM13230726

Questions Cloud

Explain the oxidative phosphorylation : The side chain of the amino acid glutamic acid would tend toassociate with, the surface of a water soluble protein or interior of a water soluble protein, Oxidative phosphorylation is part of aerobic

What is the pressure and temperature in the vessel at time : In a vessel with a volume 3 m3 you put 0.03 m3 of liquid water and 2.97 m3 of water vapor so that the pressure is 101.33 kPa. Then you heat the system until all liquid water just evaporates. What is the pressure and temperature in the vessel at th..

Solve for the equilibrium output : Solve for the equilibrium output

Analyze the broad range of talent management : Describe and analyze the broad range of talent management efforts that use software applications to help you Director to make an educated decision.

Consider total cost and total revenue : Consider total cost and total revenue given in the table below:

Discuss the approach your organisation used to manage : Discuss the tools and methods it uses to evaluate its portfolio, both quantitative and non-quantitative. Discuss the strengths and weaknesses of each approach.

What is the economic order quantity : One of Central's most popular valves, the Western, has an annual demand of 6,000 units. The price of each valve is $76, the inventory carrying cost is $5, and the ordering cost is $150 per order.

Effects of introducing a voucher system likely to differ : Consider two metropolitan areas, one that has many small school districts and one that has only a few large school districts. In a paragraph, what are the efficiency and equity effects of introducing a voucher system likely to differ across these two..

Determine what is the relative dielectric constant : A uniform plane wave propogates in the positive z direction with a frequency of 20 MHz. A probe is at z=0 m measuring the phase to 98 degrees and another probe at z= 2 m measures the phase to be -15 degrees what is the relative dielectric constant..

User Account

All Pages