Quantity TotalPriceDemanded Revenue RevenueMarginalTotalMarginal CostCost$24 1000$24,000$15,000$22 1250$27,500 $14$17,000 $8$20 1500$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.

According to the guidelines answer is provided to the first three subparts: a) "Total revenue is…

Quantity Total Price Demanded Revenue Revenue Marginal Total Marginal Cost Cost $24 1000 $24,000 $27,500 $14 $15,000| $22 1250 $17,000 $8 $19,500 $10 $20 1500 $10 $18 1750 $31,500 Y $23,000$14 $16 2000 $32,000 $2 $27,000Z (a) Calculate total revenue at X. (b) Calculate marginal revenue at Y. (c) Calculate marginal cost at Z. (d) Find the profit maximizing price.

Quantity Total Price Demanded Revenue Revenue Marginal Total Marginal Cost Cost $24 1000 $24,000 $27,500 $14 $15,000| $22 1250 $17,000 $8 $19,500 $10 $20 1500 $10 $18 1750 $31,500 Y $23,000$14 $16 2000 $32,000 $2 $27,000Z (a) Calculate total revenue at X. (b) Calculate marginal revenue at Y. (c) Calculate marginal cost at Z. (d) Find the profit maximizing price.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter3: Your Role As A Consumer

Section: Chapter Questions

Problem 5AA

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