3

# Consider total cost and total revenue given in the table below: QUANTITY 0 1 2 3 4 5 6 7 Total cost \$8 \$9 \$10 \$11 \$13 \$19 \$27 \$37 Total revenue 0 8 16 24 32 40 48 56 a

## Question

###### Consider total cost and total revenue given in the table below: QUANTITY 0 1 2 3 4 5 6 7 Total cost \$8 \$9 \$10 \$11 \$13 \$19 \$27 \$37 Total revenue 0 8 16 24 32 40 48 56 a
. Consider total cost and total revenue given in the table below:

QUANTITY 0 1 2 3 4 5 6 7
Total cost \$8 \$9 \$10 \$11 \$13 \$19 \$27 \$37
Total revenue 0 8 16 24 32 40 48 56

a. Calculate profit for each quantity. How much should the firm produce to maximize profit?
b. Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points between whole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2 1/2.)
At what quantity do these curves cross? How does this relate to your answer to part (a)?
c. 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?

#### Similar Solved Questions

##### Tony and Suzie graduate from college in May 2021 and begin developing their new business. They...
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they’ll hold their first adventure races. These races will involve four-pe...
##### 10 DJ Wall. Durine the ending balance in each account. (Record transactions from the of each...
10 DJ Wall. Durine the ending balance in each account. (Record transactions from the of each T-account. i Requirements 1. 2. 3. Post the entries to the ledger, using T-accounts. Key transactions by date. Determine the ending balance in each account. Prepare the trial balance of Dr. Char Morin, P.C.,...
##### Lindon Company is the exclusive distributor for an automotive product that sells for \$32.00 per unit...
Lindon Company is the exclusive distributor for an automotive product that sells for \$32.00 per unit and has a CM ratio of 30%. The company’s fixed expenses are \$177,600 per year. The company plans to sell 20,900 units this year. Required: 1. What are the variable expenses per unit? (Round you...
##### Superman Toys just paid a dividend of \$4 per share because of the strong sale figure...
Superman Toys just paid a dividend of \$4 per share because of the strong sale figure in the last year. Stock analysts expect that the strong sales will continue. They forecast that the dividend growth rate for the next few years will be 3.5 percent based on an estimated ROE of 5 percent. What is the...
##### A thin flat plate of length L, thickness t, and width W> L is thermally joined...
A thin flat plate of length L, thickness t, and width W> L is thermally joined to two large heat sinks that are maintained at a temperature T.. The bottom of the plate is well insulated, while the net heat flux to the top surface of the plate is known to have a uniform value of Heat sink T. Heat ...
##### Describe the five categories of oxygen tolerance, growth in thioglycolate and the enzymatic basis for it...
Describe the five categories of oxygen tolerance, growth in thioglycolate and the enzymatic basis for it (ROS)...
##### Chapter 1: 1. (10 pts) Circle which measurements are not consistent with the precision of each...
Chapter 1: 1. (10 pts) Circle which measurements are not consistent with the precision of each of the two metric rulers shown below: Ruler A: 4 cm, 4.2 cm, 4.25 cm, 4.3 cm b. Ruler B: 4.2 cm, 4.23 cm, 4.25 cm, 4.250 cm Metallic rectangular solid Ruler A 9 10 cm Ruler B 10 cm 2. (10 pts) How many mL ...
##### 1) How could we determine if the electric potential measurements over the surface of the conduction...
1) How could we determine if the electric potential measurements over the surface of the conduction sheet give an accurate picture of the electric field across the sheet? How would you test the accuracy? 2) Describe a way of specifying the precision of the electric field map. How would you change th...
##### Question 3 5 pts Which of the following is true about the sensitivity analysis for integer...
Question 3 5 pts Which of the following is true about the sensitivity analysis for integer optimization problems? To determine the sensitivity of the solution to changes in model inputs for integer optimization problems, the data must be changed and the problem must be re-solved. The sensitivity ana...
##### A 7W CFL bulb is on for 3hrs. During that time 600C of electrons move through...
A 7W CFL bulb is on for 3hrs. During that time 600C of electrons move through the bulb. Calculate the potential difference of the bulb. [Hint: P=E/t, V=E/Q] * 0.035V 29V 120V 126V...
##### Question 33 Which of the following is true about stiffness? (CLO-5) It is resistance of materials...
Question 33 Which of the following is true about stiffness? (CLO-5) It is resistance of materials to elastic deformation. It is measured by modulus of elasticity (E) where high E means high stiffness. Both Stiffness and Resilience of materials are measured before the yield point. All of the other ch...
##### We were unable to transcribe this imageAdjusting entry for insurance expense) Dec. 31 (Adjusting entry for...
We were unable to transcribe this imageAdjusting entry for insurance expense) Dec. 31 (Adjusting entry for depreciation expense) Dec 31 (Adjusting entry for unearned rent revenue) Dec. 31 Adjusting entry for interest expense) eTextbook and Media Ustot Accounts Attempts: 0 of 3 used 09 4 5 7 B E R T ...
##### Scenario: You are 33 years old, single, earn \$60,000 per year, and are in the 25%...
Scenario: You are 33 years old, single, earn \$60,000 per year, and are in the 25% tax bracket. You want to understand the federal tax system and plan ahead so as not to pay unnecessary sums to the government in taxes. For this tax year, you contributed \$1,550 to an employer-sponsored 401(k), paid st...
##### Do It! Review 9-03 Blue Company has an old factory machine that cost \$64,000. The machine...
Do It! Review 9-03 Blue Company has an old factory machine that cost \$64,000. The machine has accumulated depreciation of \$35,840. Blue has decided to sell the machine. (Credit account tit select "No Entry" for the account titles and enter for the amounts.) (a) What entry would Blue make to ...
##### Gregory Corp. paid \$24,000 for 12 months of insurance coverage in advance on December 1. What...
Gregory Corp. paid \$24,000 for 12 months of insurance coverage in advance on December 1. What amount of insurance expense would be recognized on the December 31 financial statements? o \$24,000 O \$22,000 o \$12,000 O \$ 2,000...
##### For \$1.000 Wat interese would Suppose the US Treasury offers to beds for \$650 No pay...
for \$1.000 Wat interese would Suppose the US Treasury offers to beds for \$650 No pay be made the bond matures 12 years from now, which time it will be redee the bondantit were purchased at this price Your answer should be between 10 and 5.64.rounded to 2 decimal places, with no special characters...