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- How do we calculate the total amount of pagecant costs, price profit, profit make up and selling costsThe diagram shows the price, marginal cost and average cost curves facing a perfectly competitive firm in the short run. What is the total revenue of the profit maximising firm in the short run? a) R720 b) R800 c) R960 d) R2 000 20 2 Cost, price (Rand) MC I 100 60 80 Output per day AC AVC PriceProblem 1 A lash adjuster keeps the pressure constant on engine valves, increasing automobile engines' fuel efficiency. The relationship between price (p) and monthly demand (D) for lash adjusters made by the Wicks Company is given by this equation: D=(2,000-p)/0.10. 6 a) What is the demand (D) when total revenue is maximized? b) What important data are needed if maximum profit is desired? & 7 IAA fg 8 DII myhp np f10 DDI 9 fi Po 112 prt sc
- 3. Suppose that the total revenue function for a commod- ity is R = 64x- 0.02x². (a) Find R(100) and tell what it represents. (b) Find the marginal revenue function. (c) Find the marginal revenue at x = 100 and tell what it predicts about the sale of the next unit and the next 3 units. (d) Find R(101) - R(100) and explain what this value represents.A firm's total revenue is $2000 and the output produced was 40 units Calculate price per unitInstruction Please answer all the questions by filling in the blanks or showing working calculation. Question 1 A firm's costs are given in the following table. TC TFC TVC AVC ATC MC O RM50 1 70 80 3 90 4 110 5 140 6 175 7 220 8 280 9 360 10 450 1.1) Complete the table. (4M) 1.2) Draw a graph for each AVC, ATC and MC on one graph. (2M) 1.3) Suppose market price is RM20. How much will the firm produce in the short run? How much are total profits? (2M) 1.4) Suppose market price is RM60. How much will the firm produce in the short run? How much are total profits? (2M) (10 Marks) Working calculation and answer:
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- The following graph illustrates the weekly demand curve for motorized scooters in Madison. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per scooter) 325 300 275 250 225 200 175 150 125 100 75 50 25 0 0 10 A + 20 30 X B Demand 40 50 60 70 80 QUANTITY (Scooters) 90 100 110 120 130 Total Revenue ?Total Total Revenue Cost Quantity (TR) (TC) Profit (MR) (MC) 0 0 8 1 8 10 2 16 11 3 24 13 4 32 16 5 40 20 6 48 27 7 56 36 8 64 47 9 72 65 10 80 90 Marginal Marginal Revenue Cost Fill in the table to determine the profit maximizing level of output, price, and profit. The optimal quantity is A/ A (number) units, the optimal price is (number) dollars, which maximizes (number) dollars. This table A profits at displays profit maximization under the (perfect competition / monopolistic competition / oligopoly / monopoly) market structure.Calculate total revenue given:- Profit = $500 Total cost = $1100