ECON 1540 Chapter Notes - Chapter 11: Global Positioning System, Hypersurface, Production Function
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1. Profit Maximization under Monopoly.
1.1. Fill in the blanks in the following table using Excel formulas:
Q |
P |
TR |
TFC |
TVC |
AVC |
TC |
AC |
Ā |
MR |
MC |
Ā |
0 |
Ā | Ā |
311,250 |
Ā |
0.00 |
Ā | Ā | Ā | Ā | Ā | Ā |
10,000 |
Ā | Ā | Ā | Ā |
12.00 |
Ā | Ā | Ā | Ā | Ā | Ā |
20,000 |
Ā | Ā | Ā | Ā |
11.50 |
Ā | Ā | Ā | Ā | Ā | Ā |
30,000 |
Ā | Ā | Ā | Ā |
12.67 |
Ā | Ā | Ā | Ā | Ā | Ā |
40,000 |
Ā | Ā | Ā | Ā |
14.25 |
Ā | Ā | Ā | Ā | Ā | Ā |
50,000 |
Ā | Ā | Ā | Ā |
16.00 |
Ā | Ā | Ā | Ā | Ā | Ā |
60,000 |
Ā | Ā | Ā | Ā |
17.83 |
Ā | Ā | Ā | Ā | Ā | Ā |
70,000 |
Ā | Ā | Ā | Ā |
19.71 |
Ā | Ā | Ā | Ā | Ā | Ā |
The demand function is given by: P=50-0.00025Q
1.2. Construct line charts for the Average Cost (AC), Average Variable Cost (AVC), Marginal Cost (MC), Marginal Revenue (MR), and Average Revenue (AR) on a Cartesian coordinate system.