4. Complete the following cost schedules: Quantity TC ATC MC 0 9 xxx xxx 1 12 12 3 2 16 8 4 3 21 7 5 4 30 7.5 9 5 40 8 10 6 52 8.66 12 7 66 9.42 14
Assuming the price of this product is $10, at what output rate is ( a ) Total revenue maximized? Total revenue is maximized at 7 units ( b ) ATC minimized? ( c ) Profit per unit maximized? Profit per unit is maximized at 3 units ( d ) Total profit maximized? Total profit is maximized at 4 & 5 units
when is ATC minimized?
| 4. Complete the following cost schedules: | ||||
| Quantity | TC | ATC | MC | |
| 0 | 9 | xxx | xxx | |
| 1 | 12 | 12 | 3 | |
| 2 | 16 | 8 | 4 | |
| 3 | 21 | 7 | 5 | |
| 4 | 30 | 7.5 | 9 | |
| 5 | 40 | 8 | 10 | |
| 6 | 52 | 8.66 | 12 | |
| 7 | 66 | 9.42 | 14 | |
| Assuming the price of this product is $10, at what output rate is | |||||
| ( a ) Total revenue maximized? | |||||
| Total revenue is maximized at 7 units | |||||
| ( b ) ATC minimized? | |||||
| ( c ) Profit per unit maximized? | |||||
| Profit per unit is maximized at 3 units | |||||
| ( d ) Total profit maximized? | |||||
| Total profit is maximized at 4 & 5 units | |||||
when is ATC minimized?
Related textbook solutions
Related questions
Complete the following cost schedules for a perfectly competitive firm:
Instructions: Enter your responses rounded to two decimal places.
| Quantity | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| Total cost | $9 | $12 | $16 | $21 | $30 | $40 | $52 | $66 |
| ATC | ----- | $ | $ | $ | $ | $ | $ | $ |
| MC | ----- | $ | $ | $ | $ | $ | $ | $ |
Assuming the price of the product is $14
Instructions: Enter your responses rounded to two decimal places. Indicate a negative response with a (-) negative sign.
| TR | $ | $ | $ | $ | $ | $ | $ | $ |
| Profit/unit | ----- | $ | $ | $ | $ | $ | $ | $ |
| Profit | ----- | $ | $ | $ | $ | $ | $ | $ |
Assuming the price of this product is $14, at what output rate is
Instructions: Enter your responses as a whole number.
(a) Total revenue maximized?
units
(b) ATC minimized?
units
(c) Profit per unit maximized?
units
(d) Total profit maximized? (Choose the highest level of output.)
units
18. Complete the following cost schedules for a perfectly competitive firm:
Instructions: Enter your responses rounded to two decimal places.
| Quantity | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| Total cost | $9 | $12 | $16 | $21 | $30 | $40 | $52 | $66 |
| ATC | ----- | $ | $ | $ | $ | $ | $ | $ |
| MC | ----- | $ | $ | $ | $ | $ | $ | $ |
Assuming the price of the product is $14
Instructions: Enter your responses rounded to two decimal places. Indicate a negative response with a (-) negative sign.
| TR | $ | $ | $ | $ | $ | $ | $ | $ |
| Profit/unit | ----- | $ | $ | $ | $ | $ | $ | $ |
| Profit | ----- | $ | $ | $ | $ | $ | $ | $ |
Assuming the price of this product is $14, at what output rate is
Instructions: Enter your responses as a whole number.
(a) Total revenue maximized?
units
(b) ATC minimized?
units
(c) Profit per unit maximized?
units
(d) Total profit maximized? (Choose the highest level of output.)
units
Complete the following cost schedules for a perfectly competitive firm:
Instructions: Enter your responses rounded to two decimal places.
| Quantity | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| Total cost | $9 | $12 | $16 | $21 | $30 | $40 | $52 | $66 |
| ATC | ----- | $ | $ | $ | $ | $ | $ | $ |
| MC | ----- | $ | $ | $ | $ | $ | $ | $ |
Assuming the price of the product is $14
Instructions: Enter your responses rounded to two decimal places. Indicate a negative response with a (-) negative sign.
| TR | $ | $ | $ | $ | $ | $ | $ | $ |
| Profit/unit | ----- | $ | $ | $ | $ | $ | $ | $ |
| Profit | ----- | $ | $ | $ | $ | $ | $ | $ |
Assuming the price of this product is $14, at what output rate is
Instructions: Enter your responses as a whole number.
(a) Total revenue maximized?
units
(b) ATC minimized?
units
(c) Profit per unit maximized?
units
(d) Total profit maximized? (Choose the highest level of output.)
units
