Microeconomics (MindTap Course List)
10th Edition
ISBN: 9781285859484
Author: William Boyes, Michael Melvin
Publisher: Cengage Learning
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Chapter 9, Problem 2E
To determine
To calculate marginal revenue and marginal cost.
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How do you calculate a firm's total cost and total revenue?
Use the table to compute the marginal revenue and marginal cost
If average revenue is $44 and output is 20 units
Calculate total revenue
Chapter 9 Solutions
Microeconomics (MindTap Course List)
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- Calculate average revenue when it is given that Total revenue is $70 and output is 5 unitsarrow_forwardThe economic profit is $3000, Total revenue is $5000, explicit cost is $800 Calculate implicit costarrow_forwardCalculate Marginal revenue when marginal cost is 350 and the marginal profit is 80arrow_forward
- For a juice shop the total revenue is $1000 and the explicit cost is $320 Calculate Accounting profitarrow_forwardCalculate the Economic profit if revenue is $6000 , explicit cost is $500 and the implicit cost is $2000arrow_forwardHere’s the table showing costs, and quantity. Find the total revenue at $8. Quantity Total Cost 0 $ 8 1 9 2 10 3 11 4 13 5 19 6 27 7 37arrow_forward
- Price and cost (dollars per student) $150 120 88 76 72 ATC 40 - MC MR 24,000 30,000 36,000 Quantity of students enroiled 15,000 Your college decides to offer a psychology course as a MOOC that can be taken by students anywhere in the world, whether they are actually enrolled in your college or not. The demand and cost situation for the MOOC is shown in the figure. The faculty member who designed the course argues: "I think the course should be priced so that the maximum number of students enroll." Which price should this faculty member favor? O A. $0 В. $40 C. $88 D. $150arrow_forwardCalculate the marginal profit when marginal revenue is $84,000 and marginal cost is $77,000arrow_forwardBilly’s Bean Bag Emporium produced 300 bean bag chairs but sold only 275 of the units it produced. The average cost of production for each unit of output produced was $100. The price for each of the 275 units sold was $95. What is the Total profit for Billy’s Bean Bag Emporium? Include in your answer your calculationarrow_forward
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