Consider total cost and total revenue given in the following table:TABLE IN IMAGECalculate profit for each quantity. How much should the firm produce to maximize profit?(ii) Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points betweenwhole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2½.) At what quantitydo these curves cross? How does this relate to your answer to part (a)?(iii) Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in along-run equilibrium? (8.75) (b) (i) Consider total cost and total revenue given in the following table:QuantityTotal Cost ($)Total Revenue ($)146781011131927378162432404856(i)Calculate profit for each quantity. How much should the firm produce to maximize profit?(ii)Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points betwewhole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2%.) At what quando these curves cross? How does this relate to your answer to part (a)?Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in along-run equilibrium? (8.75)(ii)Q3 (a) आय और प्रतिस्थापन प्रभाव का उपयोग करते हुए, इसकी मांग पर एक Giffen वस्तु और निकृष्ट वस्तु की की

"Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

(b) (i) Consider total cost and total revenue given in the following table: Quantity Total Cost ($) 1 3 4 6. 7 8 9. 10 11 13 19 27 37 Total Revenue ($) 8. 16 24 32 40 48 56 (i) Calculate profit for each quantity. How much should the firm produce to maximize profit? (ii) Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points betwe whole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2%.) At what quar do these curves cross? How does this relate to your answer to part (a)? Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium? (8.75) (ii)

(b) (i) Consider total cost and total revenue given in the following table: Quantity Total Cost ($) 1 3 4 6. 7 8 9. 10 11 13 19 27 37 Total Revenue ($) 8. 16 24 32 40 48 56 (i) Calculate profit for each quantity. How much should the firm produce to maximize profit? (ii) Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points betwe whole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2%.) At what quar do these curves cross? How does this relate to your answer to part (a)? Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium? (8.75) (ii)

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 4CQQ

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