Complete the table below. Using the Total Revenue/Total Cost Approach answer the
ID: 1191496 • Letter: C
Question
Complete the table below.
Using the Total Revenue/Total Cost Approach answer the 3 questions.
QTY
PRICE
TOTAL
REVENUE
TOTAL COST
PROFIT/LOSS
0
1
2
3
4
5
6
7
8
9
10
1. Would you produce?
2. How many will you produce?
3. What is your economic profit/loss?
Complete the table below.
Using the Total Revenue/Total Cost Approach answer the 3 questions.
QTY
PRICE
TOTAL
REVENUE
TOTAL COST
PROFIT/LOSS
0
1
2
3
4
5
6
7
8
9
10
1. Would you produce?
2. How many will you produce?
3. What is your economic profit/loss?
Explanation / Answer
QTY
PRICE
TOTAL REVENUE
TOTAL COST
PROFIT/LOSS
0
340
0
200
-200
1
340
340
400
-60
2
330
660
560
100
3
320
960
700
260
4
310
1240
800
440
5
300
1500
900
600
6
290
1740
1040
700
7
280
1960
1250
710
8
270
2160
1400
760
9
260
2340
1800
540
10
240
2400
2400
0
1).Yes, production is feasible. With the first and second level of outputs the firm incurred loss. But that loss was transformed into profit as the level of production increased.
2). My profit is maximised at the 8th level of output. Until the profit maximisation point is reached the firm will continue its production.
3). At the profit maximisation level of output the firm's profit is 760.
QTY
PRICE
TOTAL REVENUE
TOTAL COST
PROFIT/LOSS
0
340
0
200
-200
1
340
340
400
-60
2
330
660
560
100
3
320
960
700
260
4
310
1240
800
440
5
300
1500
900
600
6
290
1740
1040
700
7
280
1960
1250
710
8
270
2160
1400
760
9
260
2340
1800
540
10
240
2400
2400
0
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