At what level of output is profit maximized

Assignment Help Microeconomics

Reference no: EM13133505

Using the chart below, complete 1 and 2 below.

Price		Quantity
per unit		demanded

$10.00		25
9.50		30
9.00		35
8.50		40
8.00		45
7.50		50
7.00		55
6.50		60
6.00		65
5.50		70
5.00		75

Figure the elasticity of demand for each of the following showing all calculations:

$10.00 to $ 9.50 b. $ 8.50 to $ 8.00

c. . $ 6.50 to $ 6.00 d. $ 6.00 to $ 5.50

e. $5.50 to $5.00

2. For each of the above write beside your answer whether the demand is elastic, inelastic, or unit elastic.

Problem 1

Complete the following table assuming perfect competition.

Q	TR	MR	MC	TVC	TFC	AFC	AVC	TC	Profit
0								15
1								55
2								85
3								105
4								115
5								140
6								170
7								211
8								271

Price=30

At what level of output is profit maximized?

Reference no: EM13133505

Questions Cloud

Determining vertex-arboricity : Let G be k-critical graph with respect to vertex-arboricity (k>=3). Prove that for each vertex v of G, the graph G-v is not (k-1)-critical with respect to vertex-arboricity.

How much is total overhead costs at this level of activity : Dryden Manufacturing Company prepared a fixed budget of 40,000 direct labor hours, with estimated overhead costs of $200,000 for variable overhead and $60,000 for fixed overhead.

Question regarding vector calculus : Are there points on the curve y = (x - 1)^2 where Gradient f is perpendicular to the curve? Find the absolute maximum and minimum of the function in the region 1 >= x >= 0 and y >= 0.

Determine the dollar sales needed to generate an after-tax : determine the dollar sales needed to generate an after-tax income of 33,000.

At what level of output is profit maximized : Elasticity of demand for each of the following showing all calculations and

How much acetone (ch3coch3) would be needed : how much acetone (CH3COCH3) would be needed to obtain 3.35 moles of acetone? the desnity of acetone is 0.851 g/mL.

Describe the elements of an organization external : Describe the elements of an organization's external environment. Why is it important to understand the external environment?

Vector analysis and stroke theorem : Apply Stroke's theorem to evaluate the integral over C of (ydx + zdy + xdz), where C is the curve of intersection of the unit sphere x^2+y^2+z^2=1 and the plane x+y+z=0

Purchase merchandise from company on account : National Shops wishes to purchase merchandise from your company on account. The amount of the purchases would probably be about $10,000 per month, and the terms would require National to make payment in full within 30 days.

User Account

All Pages