Please double check if the answers are correct and Provide plot graphs: If Ana p
ID: 1095198 • Letter: P
Question
Please double check if the answers are correct and Provide plot graphs:
If Ana produces and sells three frying pans, her total revenue (TR) would be $80 , and her profit would be $35 . Ana?s marginal revenue (MR) from the third frying pan she sells is $20 , and her marginal cost (MC) of producing a third pan is $15 . The following graph presents Ana?s total cost (based on the previous table). Use the blue points (circle symbols) to plot total revenue and the green points (triangle symbols) to plot profit for the first seven pans that Ana produces. Line segments will automatically conned the points. Hint: You will have to plot eight points for each line. Remember to plot the points from left to right. Calculate Ana?s marginal revenue and marginal cost for the first seven pans she produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. Hint: Remember to plot from left to right and to plot between integers. For example, if Ana?s marginal cost of increasing production from one frying pan to two trying pans is x, then you would plot a point at (1.5, x). Line segments will automatically conned the points. As the earlier graphs indicate, Ana?s profit is maximized when she produces four frying pans. When she does this, the marginal cost of the last pan she produces is $15 . which Is less than the price Aria receives for each pan she sells. The marginal cost of producing an additional pan (that is, one more pan than would maximize her profit) is $25 , which is greater than the price Ana receives for each pan she sells Therefore, Ana?s profit. maximizing quantity corresponds to the intersection of the marginal cost and marginal revenue curves. Because Ana Is a price taker this last condition can also be written as P = MC .Explanation / Answer
1.
60,30,10,10
2.
in last paragraph all the blanks are filled correctly