Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sorry if it's hard to see. Need to figure out how to get the costs, in the first table so I can figure out question

Sorry if it's hard to see. Need to figure out how to get the costs, in the first table so I can figure out question 2. I will give a thumbs up, thank you.

image text in transcribed
1. Use the following information to: a. Complete the firm table (this is the same data from tables 8.2-8.4). b. Construct the firm's revenue and cost curves for ATR, MR, ATC, AVC, and MC with revenues and cost on the vertical and quantity on the horizontal axis. Indicate the profit maximization output point in the model. Q TR ATR MR FC VC TC ATC AVC MC 10 1 13 2 16 15 3 21 17 A 24 20 25 24 24 30 21 37 8 16 45 9 9 54 2. Using the costs from the previous example, calculate the new revenues for this firm. a. Complete the firm table. b. Construct the firm's revenue and cost curves for ATR, MR, ATC, AVC, and MC with revenues and cost on the vertical and quantity on the horizontal axis. c. Indicate the profit maximization output point in the model. P Q TR ATR MR FC VC TC ATC AVC MC 0 10 1 6 13 2 10 15 3 12 17 4 12 20 10 24 6 6 30 0 37 45 9 54

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ecopolitical Homelessness Defining Place In An Unsettled World

Authors: Gerard Kuperus

1st Edition

1317232704, 9781317232704

More Books

Students also viewed these Economics questions

Question

2. Develop a good and lasting relationship

Answered: 1 week ago

Question

1. Avoid conflicts in the relationship

Answered: 1 week ago