Find out the equilibrium price and equilibrium output

Reference no: EM13240187

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

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

Reference no: EM13240187

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