ECO101H1 Study Guide - Midterm Guide: Inferior Good, Normal Good, Maple Syrup
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Q | TTC | TFC | TVC | ATC | AFC | AVC | MC |
0 | 125 | Ā | Ā | Ā | Ā | Ā | Ā |
10 | Ā | Ā | Ā | Ā | Ā | Ā |
5 |
20 | Ā | Ā | Ā | 10.50 | Ā | Ā | Ā |
30 | Ā | Ā | 110 | Ā | Ā | Ā | Ā |
40 | 255 | Ā | Ā | Ā | Ā | Ā | Ā |
50 | Ā | Ā | Ā | Ā | Ā | 3 | Ā |
60 | Ā | Ā | Ā | Ā | Ā | Ā | 3 |
70 | Ā | Ā | Ā | 5 | Ā | Ā | Ā |
80 | Ā | Ā | 295 | Ā | Ā | Ā | Ā |
I have to answer questions 4 and 5 exercises from chapter 8. It is a table and I have to fill in the numbers that are missing. It looks like this
Chapter 9
What is the profit-maximizing level of output and price?
What is the amount of total profit?
Quantity |
Price |
Total Revenue (dollars) |
Marginal revenue |
Total Cost |
Marginal cost |
Ā | Ā | Ā | Ā | Ā | Ā |
1 |
22 |
Ā | Ā |
6 |
6 |
2 |
20 |
Ā | Ā |
14 |
8 |
3 |
18 |
Ā | Ā |
26 |
12 |
4 |
16 |
Ā | Ā |
44 |
18 |
5 |
14 |
Ā | Ā |
72 |
28 |
6 |
12 |
Ā | Ā |
112 |
40 |
7 |
10 |
Ā | Ā |
166 |
54 |
8 |
8 |
Ā | Ā |
236 |
70 |