The data in the following table give information about the price P in dollars) for which a firm can sell a unit of

Question

The data in the following table give information about the price P in dollars) for which a firm can sell a unit of output and the total cost of production, where quantity is q, total cost is C, marginal cost is MC, total revenue is R, marginal revenue is MR, and profit is T. Fill in the blanks in the following table. (Enter your responses using integers.) P = 56 MR P = 50 MR q C MC R TT R T 0 100 1 150 2 178 3 198 4 212 230 250 covou 272 310 9 355 10 410 11 475

Help In Homework · Accepted Answer

Q cost MC TR/R @56 MR Profit/π TR/R @50 MR profit 0 100 - 0 0 -100 0 0 1 150 150-100= 50 1*56= 56 56-0= 56 56-150=-94 1*50=50 50 50-150=-100 2 178 178-150= 28 2*56= 112 112-56=56 112-178= -66 2*50=100 100-50=50 100-178=-78 3 198 198-178= 20 3*56= 168 168-112= 56 168-198= -30 3*50=150 150-100=50 150-198=-48 4 212 212-198= 14 4*56=244 244-168=76 244-212=+32 4*50=200 200-150=50 200-212=-12 5 230 230-212= 18 5*56=280 280-244=36 280-230=+50 5*50=250 250-200=50 250-230=+20 6 250 250-230= 20 6*56=336 336-280= 56 336-250=+86 6*50=300 300-250=50 300-250=+50 7 272 272-250 = 22 7*56=392 392-336= 56 392-272=+120 7*50=350 350-300=50 350-272=+78 8 310 310-272= 38 8*56= 448 448-392= 56 448-310=+138 8*50=400 400-350=50 400-310=+90 9 355 355-310= 45 9*56=504 504-448= 56 504-355=+149 9*50=450 450-400=50 450-355=95 10 410 410-355= 55 10*56=560 560-504=56 560-410=+150 10*50=500 500-450=50 500-410= 90 11 475 475-410= 65 11*56=616 616-560= 56 616-475=+141 11*50=550 550-500=50 550-475=175b

Why Choose Us?

0% AI Guarantee

24/7 Support

Plagiarism Free

Expert Tutors

100% Confidential

On-Time Delivery

The data in the following table give information about the price P in dollars) for which a firm can sell a unit of output and the total cost of production, where quantity is q, total cost is C, marginal cost is MC, total revenue is R, marginal revenue is MR, and profit is T

Expert Solution

Archived Solution

Q	cost	MC	TR/R @56	MR	Profit/π	TR/R @50	MR	profit
0	100	-	0	0	-100	0	0
1	150	150-100= 50	1*56= 56	56-0= 56	56-150=-94	1*50=50	50	50-150=-100
2	178	178-150= 28	2*56= 112	112-56=56	112-178= -66	2*50=100	100-50=50	100-178=-78
3	198	198-178= 20	3*56= 168	168-112= 56	168-198= -30	3*50=150	150-100=50	150-198=-48
4	212	212-198= 14	4*56=244	244-168=76	244-212=+32	4*50=200	200-150=50	200-212=-12
5	230	230-212= 18	5*56=280	280-244=36	280-230=+50	5*50=250	250-200=50	250-230=+20
6	250	250-230= 20	6*56=336	336-280= 56	336-250=+86	6*50=300	300-250=50	300-250=+50
7	272	272-250 = 22	7*56=392	392-336= 56	392-272=+120	7*50=350	350-300=50	350-272=+78
8	310	310-272= 38	8*56= 448	448-392= 56	448-310=+138	8*50=400	400-350=50	400-310=+90
9	355	355-310= 45	9*56=504	504-448= 56	504-355=+149	9*50=450	450-400=50	450-355=95
10	410	410-355= 55	10*56=560	560-504=56	560-410=+150	10*50=500	500-450=50	500-410= 90
11	475	475-410= 65	11*56=616	616-560= 56	616-475=+141	11*50=550	550-500=50	550-475=175b