I need to make a table with this data to find at certain quantities (1-10) the T
ID: 1217660 • Letter: I
Question
I need to make a table with this data to find at certain quantities (1-10) the Total Cost, Average Fixed Cost, Fixed Cost, Variable Cost, Average Variable Cost, Average Total Cost, Marginal Cost, Total Revenue, Marginal Revenue, and Total Profit.
Examples of a couple questions:
What is the Total Revenue at 4 units?
What is the Marginal Revenue at 1 unit?
This consfuses me. I don't have a book and my teacher goes too fast. If you could do the table and explain the math of how you found it that would be much appreciated!
Below is your quantity and price along with your total costs as a monopolist. However, you soon see an emergence of competitors in your market, thus forcing you to use 20% of your total revenue in marketing costs. Calculate your new cost and revenue. Q 02 3 45 6 789 10 P 20 8 16 15 3 0 8 7652 TC 20 25 2932 35 40 4653 60 68 78Explanation / Answer
Total revenue is =20*0+18*1+16*2+15*3+13*4+10*5+8*6+7*7+6*8+5*9+2*10=407.
Total cost=(20+25+29+32+35+40+46+53+60+68+78)=486.
Marginal cost=dTC/dQ
Total profit=407-486=-79.there is loss.
marheting cost is 20% of total revenue
Now total cost=20/100*407=81.4.
Profit=407-81.4=325.6
here fixed cost is=20.As for unit 0 there is TC=20 as TC=TVC+TFC=0+TFC=20.
then TFC=20
TVC for unit 1=25-20=5.
TVC for unit 2=29-20=9.
We can follow this for all units.
total revenue for 4 units=(20*0+18*1+16*2+15*3+13*4)=147.
Marginal revenue for unit 1=18Q=d18Q/dQ=18.