Calculate the total revenue if the firm produces 16 versus 15 units. Then, calculate the marginal revenue of the 16th unit produced.The marginal revenue of the 16th unit produced is $Based on your answers from the previous question, and assuming that the marginal revenue curve is a straight line, use the black line (plus symbol)o plot the firm's marginal revenue curve on the following graph. (Round all values to the nearest increment of 40.)MARGINAL REVENUE (Dollars)2001601208020-40048 12 16 202428323640QUANTITY OF OUTPUT (Units)Marginal Revenue(?)Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is

Explaining the calculation of total revenue, marginal revenue, and plotting the marginal revenue…

Answered: Calculate the total revenue if the firm…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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X 1 ences If the price of oats is $3.0 per kilo, calculate the total revenue and the total profit (or loss) at the quantities shown in below table. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Leave no cells blank - be certain to enter "0" wherever required. Mc Graw Hill Quantity (kilos) Total revenue Total cost Total profit $ 600 1800 $1,900 700 2100 $2,000 $ 800 2400 $2,400
Explain the graphs below
2) The Trouser Company has fixed costs of 2,000 per week. In addition, we have some information about its marginal costs (MC) and total variable costs (TVC). Output MC TVC 30 60 90 100 120 150 140 59 32 59 80 6,000 8,160 14,250 140 275 2,850 4,080 5,310 a) For each of the output levels in the table, calculate the Trouser Company's average variable costs (AVC) and average (total) cost (AC) Output 30 60 90 100 120 150 MC 140 59 32 59 80 140 275 TVC 2,850 4,080 5,310 6,000 8,160 14,250 b) Sketch a diagram showing the marginal cost curve, the average variable cost curve, and the firm's short run supply curve. c) Explain how the firm would maximise its profit, assuming that it faces conditions of perfect competition, in both the short run and the long run. Be careful to explain the conditions under which the firm would shut down or close.
Douglas Fur is a small manufacturer of fake-fur boots in New York City. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Variable Cost Average Variable Cost Average Total Cost Quantity Total Cost Marginal Cost Fixed Cost (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) (Pairs) (Dollars) 120 1 200 240 285 4 340 425 540 On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $200, so you should start your ATC curve by placing a green point at (1, 200). For MC, plot the points between the integers: For example, the MC of…
Consider the following table and fill the missing values in following table and draw the corresponding graphs
Consider the input output table below Table (Inter) final Total (Agric) (Manuf) (Mining)demand (Inter) Agric 106 47 180 898 1231 Manuf 75 32 80 1167 1354 Mining 31 115 100 977 1223 PrimaryLabour 949 760 363 Capital 70 400 500 where: (Agric = Agriculture),( Manuf = Manufacturing),(Inter = !3! %3D Intermediate) A. Calculate the input coefficients and fill in the appropriate spaces in the table below. Use four (4) decimal places. Agric (Manuf) (Mining) Agric Manuf Mining Labour Capital
Douglas Fur is a small manufacturer of fake-fur boots in Philadelphia. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Quantity (Pairs) Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 60 1 155 220 255 300 350 450 10:15
On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per scooter. TOTAL REVENUE (Dollars) 2610 2430 2250 2070 1890 1710 1530 1350 1170 990 Δ ΔΔ Δ 0 25 50 75 100 125 150 175 200 225 250 275 300 325 PRICE (Dollars per scooter) Total Revenue ? According to the midpoint method, the price elasticity of demand between points A and B is approximately 0.69 ▼ Suppose the price of scooters is currently $125 per scooter, shown as point A on the initial graph. Because the demand between points A and B is inelastic , a $25-per-scooter decrease in price will lead to a decrease in total revenue per week.
Table 1. Hypothetical Cost Schedule Quantity TFC TVC TC 0 30 0 1 30 15 2 30 20 3 30 23 4 30 28 5 30 38 6 30 60 From the given table 1, show the graphical solution where quantity is the X-axis, and TFC, TVC, TC is the Y-axis and what does the graph implies
explain what is happening in this graphs
340 425 540 On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC curves, plot the points on the integer; for example, the average total cost of producing one pair of boots is $200, so you should start your ATC curve by placing a green point at (1, 200). For marginal cost, plot the points between the integers; for example, the marginal cost of increasing production from zero to one pair of boots is $80, so you should start your MC curve by placing an orange square at (0.5, 80).) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 200 175 ATC 150 125 - AVC 100 MC 75 50 25 1 4 QUANTITY OF OUTPUT (Pairs of boots) COSTS (Dollars per pair) 8 6
If you were a taxi driver, the daily revenue and cost are as the following: Revenue: $250 Variable cost (gas, your labor…): $190 Mortgage payment for car: $70 License Fee: $30 For profit maximization, will you operate your taxi business today? What is the minimum daily revenue to keep the operation in the short run? What is the minimum daily revenue to keep the operation in the long run? Please show calculation formula and/or equation.

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