Question
Use the data below to answer the questions: Price Quantity Demanded Total Revenue Marginal Revenue Total Cost Marginal Cost $24 1000 $24,000 ***************** $15,000 ****************
Use the data below to answer the questions:
| Price | Quantity Demanded | Total Revenue | Marginal Revenue | Total Cost | Marginal Cost |
| $24 | 1000 | $24,000 | ***************** | $15,000 | **************** |
| $22 | 1250 | $27,500 | $14 | $17,000 | $8 |
| $20 | 1500 | X | $10 | $19,500 | $10 |
| $18 | 1750 | $31,500 | Y | $23,000 | $14 |
| $16 | 2000 | $32,000 | $2 | $27,000 | Z |
(a) Calculate total revenue at X.
(b) Calculate marginal revenue at Y.
(c) Calculate marginal cost at Z.
(d) Find the profit-maximizing price.
(e) Find the profit maximizing quantity.
(f) Find the profit the firm will earn.
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Solution a Total Revenue Price Quantity Total Revenue at X 20 1500 30000 b Marginal Revenue Ch...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
