Problem: 1 Given the following total-revenue function: TR=9Q-Q^2 A.) Derive the

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Problem: 1 Given the following total-revenue function: TR=9Q-Q^2 A.) Derive the total, average, and marginal revenue schedules from Q=0, Q=6 by 1's. Problem 7 Given the following total-cost schedule: Q 0 1 2 3 4 TC 1 12 14 15 20 Derive the average and marginal cost schedules. Problem 9 With the total revenue curve of Problem 1 and the total cost curve of problem 7, derive the total profit function and show how the firm determines the profit maximizing level of output. Revised P1(a): Derive the total-revenue, average-revenue, and marginal-revenue schedules from Q = 0 to Q = 4 by 1s. Average revenue (AR) = total revenue (TR) / Q Marginal revenue (MR) = change in total revenue / change in Q For example Q TR AR MR 2 14 7 (=14/2) 3 18 6 (=18/3) 4 (=(18-14)/(3-2) 3. Revised P9: With the total-revenue schedule of Problem 1 and the total-cost schedule of Problem 7, show the profit-maximizing level of output.

Explanation / Answer

Average revenue (AR) = total revenue (TR) / Q Marginal revenue (MR) = change in total revenue / change in Q For example Q TR AR MR 2 14 7 3 18 6

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