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1c. Using Excel or grid paper, based on the above information, plot the demand curve, MR curve, MC curve and ATC curve. Label the profit-maximizing quantity and price, total cost, total revenue and profit.

1c. Using Excel or grid paper, based on the above information, plot the demand curve, MR curve, MC curve and ATC curve. Label the profit-maximizing quantity and price, total cost, total revenue and profit.

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter24: Price-searcher Markets With High Entry Barriers
Section: Chapter Questions
Problem 14CQ
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1c. Using Excel or grid paper, based on the above information, plot the demand curve, MR curve, MC curve and ATC curve. Label the profit-maximizing quantity and price, total cost, total revenue and profit.

Show all the necessary steps and/or reasoning that lead to your answers. No credits will be given to answers without necessary steps and/or reasoning. 1a. Use the following to calculate profit at each quantity of output (Total) Output (Q) + OLN 3 & 56789 0 4 Price (P) $1,900 $1,700 $1,650 $1,600 $1,550 $1,500 $1,450 $1,400 $1,350 $1,300 0 1 2 3 4 5 6 7 8 9 Price (P) $1,900 $1,700 $1,650 $1,600 $1,550 Total revenue (TR) $0 $1,500 $1,450 $1,400 $1,350 $1,300 $1,700 $3,300 $4,800 $6,200 1b. Use the above table to calculate marginal revenue and marginal cost (Total) Output (Q) $7,500 $8,700 $9,800 $10,800 $11,700 Total cost (TC) $1,000 $2,000 $2,800 $3,500 $4,000 $4,500 $5,200 $6,000 $7,000 $9,000 $0 $1,700 $3,300 $4,800 $6,200 $7,500 $8,700 $9,800 $10,800 $11,700 Total revenue Total cost Marginal (TR) (TC) revenue $1,000 $2,000 $2,800 $3,500 $4,000 $4,500 $5,200 $6,000 $7,000 $9,000 Marginal cost 0
Transcribed Image Text:Show all the necessary steps and/or reasoning that lead to your answers. No credits will be given to answers without necessary steps and/or reasoning. 1a. Use the following to calculate profit at each quantity of output (Total) Output (Q) + OLN 3 & 56789 0 4 Price (P) $1,900 $1,700 $1,650 $1,600 $1,550 $1,500 $1,450 $1,400 $1,350 $1,300 0 1 2 3 4 5 6 7 8 9 Price (P) $1,900 $1,700 $1,650 $1,600 $1,550 Total revenue (TR) $0 $1,500 $1,450 $1,400 $1,350 $1,300 $1,700 $3,300 $4,800 $6,200 1b. Use the above table to calculate marginal revenue and marginal cost (Total) Output (Q) $7,500 $8,700 $9,800 $10,800 $11,700 Total cost (TC) $1,000 $2,000 $2,800 $3,500 $4,000 $4,500 $5,200 $6,000 $7,000 $9,000 $0 $1,700 $3,300 $4,800 $6,200 $7,500 $8,700 $9,800 $10,800 $11,700 Total revenue Total cost Marginal (TR) (TC) revenue $1,000 $2,000 $2,800 $3,500 $4,000 $4,500 $5,200 $6,000 $7,000 $9,000 Marginal cost 0
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