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In the table below are given the output (X), T.C., and Price for a firm. Complete the following table, and then answer the problems at the bottom of the table.

X        T.C         P = A.R. = 52        T.R                A.T.C.              M.C.      M.R.     Profit (+) or Loss (-) amount
0          72               
1          90             
2          112           
3          138           
4          168           
5          202           
6          240           
7          282           
8          328           
9          378           
10        432

A)The profit maximization level of output (PMS) for a price of $52 is __________units of output with a (profit/loss) _______ of $ ________

B) At various prices below, indicate the Quantity Supplied and its corresponding Profit or Loss (exact amount)

Price        Quantity Supplied        Profit or Loss (exact amount)
54        ___________                   ________
46         ___________                  ________
42         __________                    ________
38        __________                    ________
34         __________                   ________
26        __________                     _______

Monopoly Problem

Mark, Cherry and Eric Jones jointly patented a method for manufacturing Adam Smith bobble head dolls. The plan is for a very limited production run. They investigate the potential market for this unique novelty and find their sales and total cost schedules to be as follows: (The costs include a licensing fee to the estate of Adam Smith)

Sales            Unit Price        Total Cost?
0                      200            140?
1                      180            170?
2                      160            200?
3                      140            220?
4                      120            250?
5                      100            300?
6                        80            380

A) Compute their TR, MR, ATC, MC and profit/loss schedules

B) Find out the equilibrium price, equilibrium output, unit profit, and total profit at the equilibrium point for these ingenious entrepreneurs.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91780

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