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

Production possibilty curve, why is the point outside the production possib...

why is the point outside the production possibility curve(PPC)called unttianable

Macroecon, How might a “perfect” macro equilibrium be affected by (a) a sto...

How might a “perfect” macro equilibrium be affected by (a) a stock market crash; (b) the death of a president; (c) a recession in Canada; (d) a spike in oil prices?

Proportion of income spent for the commodity , All other things equivalent,...

All other things equivalent, the higher the proportion of income spent for the commodity more price elastic will be the demand.   Most home owners are recognizable with how this de

Collateral constraint of a consumer, Suppose that there is a credit market ...

Suppose that there is a credit market imperfection because of limited commitment. As in the setup with collateralized wealth, each consumer has a component of wealth which has valu

Long term microeconomics, Igora''s pizzeria want to know if it should stay ...

Igora''s pizzeria want to know if it should stay open this spring. Total Revenue will be $ 12,000 per week and Total Cost will be $ 18,000 per week. The fixed cost of running the b

Industrial policy, Industrial Policy: Government policies which are aimed a...

Industrial Policy: Government policies which are aimed at fostering the domestic development of particular desirable or productive industries, in order to enhance productivity, cre

Consumer choice, Suppose a family earns £1,500 per month and can either pay...

Suppose a family earns £1,500 per month and can either pay £0.50 per square foot in monthly rent for an apartment in the private rental market, or accept a 1,500 square foot house

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