Explain the table Output (Units) Total Revenue (£) Total cost (£) Profit (£) Marginal revenue (£) Marginal cost (£) Change in profit (£) 0 0 3 -3 - - - 1 6 5 1 6 2 4 2 12 8 4 6 3 3 3 18 12 6 6 4 2 4 24 17 7 6 5 1 5 30 23 7 6 6 0 6 36 30 6 6 7 -1 7 42 38 4 6 8 -2 8 48 47 1 6 9
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- Explain the table
|
Output (Units) |
Total Revenue (£) |
Total cost (£) |
Profit (£) |
Marginal revenue (£) |
Marginal cost (£) |
Change in profit (£) |
|
0 |
0 |
3 |
-3 |
- |
- |
- |
|
1 |
6 |
5 |
1 |
6 |
2 |
4 |
|
2 |
12 |
8 |
4 |
6 |
3 |
3 |
|
3 |
18 |
12 |
6 |
6 |
4 |
2 |
|
4 |
24 |
17 |
7 |
6 |
5 |
1 |
|
5 |
30 |
23 |
7 |
6 |
6 |
0 |
|
6 |
36 |
30 |
6 |
6 |
7 |
-1 |
|
7 |
42 |
38 |
4 |
6 |
8 |
-2 |
|
8 |
48 |
47 |
1 |
6 |
9 |
-3 |
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- Question 20 of 20 Reggie owns and operates a cheese shop in the village of Somerset. Although Reggie has a degree in mechanical engineering and could easily go to work for his brother's company earning $76000 a year, his true passion is for cheese. Consider the list of Reggie's revenue and expenses from last year. Please use the information provided to answer the questions. Revenue from 2010 $90000 Rent $18000 Equipment $6000 Supplies $3000 What is Reggie's accounting profit? What is Reggie's economic profit? -$13000 $63000 $3000 O -$13000 -$63000 $3000 $63000 -$63000Quantity Total Cost MarginalCost Price Total Revenue Marginal Revenue Produced $100 $120 $150 $120 $202 $120 3 $257 $120 4 $317 $120 $385 $120 6 $465 $120 7 $562 $120 $682 $120B Product Product A Product B Product C Product D Widget 1 Widget 2 Widget 3 Gadget X Gadget Y Gadget Z 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Required: 17 Calculate the following statistics for both Advertising Expenses and Sales: 18 Advertising Expense Sales Advertising Expense $36,900 $38,000 $33,000 $25,900 $26,000 $42,987 $39,008 $42,009 $19,067 $61,002 C $19,067 $61,002 $135,568,977 $8,268 $36,387 $37,450 $41,935 $27,750 $41,259 Sales $83,025 $85,500 $74,250 $90,650 $91,000 $150,455 $70,214 $75,616 $34,321 $244,008 $34,321 $244,008 $3,378,809,900 19 Minimum 20 Maximum 21 Variance 22 Standard Deviation 23 Mean 24 Median 25 Range 26 1st Quartile 27 3rd Quartile 28 88th Percentile 29 Inner Quartile Range 30 31 What is the correlation between the amount spent on advertising and the sales of a product? 32 33 Correlation 34 35 This number indicates a 36 $58,128 $99,904 $84,263 $209,687 $74,592 $90,913 O relationship between the two variables
- Activity Frame A 2191 A 1878 1565 n 1252 939 626 0 A + + 0 5 10 TOTAL REVENUE (Dollars) 3130 2817 2504 MARGINAL REVENUE (Dollars) 313 Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 10th unit produced. The marginal revenue of the 10th unit produced is $ Calculate the total revenue if the firm produces 20 versus 19 units. Then, calculate the marginal revenue of the 20th unit produced. The marginal revenue of the 20th unit produced is $ 250 Based on your answers from the previous question, and assuming that the marginal revenue curve is a straight line, use the black line (plus symbol) to plot the firm's marginal revenue curve on the following graph. 225 200 175 150 125 100 75 50 25 0 15 20 25 30 35 40 QUANTITY (Number of units) -25 -50 0 A 45 50 5 10 15 Total Revenue 20 25 30 35 QUANTITY (Units) 40 45 50 Marginal Revenue (?) Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is…The following data refers to the revenue and costs (in million rupees) of a firm. Output (units) 0 1 2 3 4 5 6 7 8 Total revenue - 0 50 100 150 200 250 300 350 400 Total costs 110 140 162 175 180 185 194 219 269 (a) Briefly explain the concept of fixed costs with reference to the above data. (b) Determine the marginal revenue at each level of output and interpret the results. (c) What level of output will the firm aim to produce and what would be the amount of profit that the firm will make at this level?(d) Find the profit maximizing price. (e) Find the profit maximizing quantity. (f) Find the profit the firm will earn.
- Table 1 Change in profit (£) Profit Marginal Output (Units) (오) Total Marginal cost (£) Total Revenue cost (£) (오) revenue (오) 3 1 6 2 12 8 3 18 12 4 24 17 30 23 36 30 7 42 38 8 48 47Question 4 Barrels of Average Oil Marginal Marginal Total Produced Revenue Cost Costs $ 30.00 $ 4.00 $ 34.00 1 $ 50.00 $ 50.00 $ $ 50.00 $ 77.00 $ 50.00 $ 17.00 $ 17.00 $ 50.00 $ 23.00 $ 18.20 2 6.00 $ 40.00 $ 17.00 $ 50.00 $ 29.00 $ 20.00 $ 50.00 $ 36.00 $ 22.29 $ 50.00 $ 50.00 $ 25.75 $ 50.00 $ 90.00 $ 32.89 $ 50.00 7 8. 10 $ 124.00 $ 42.00 Consider the table above. What are the fixed costs of production for this firm? $4 $30 $50 $34Macmillan Learning Quantity (units) Fixed cost ($) Variable cost ($) Total revenue ($) 10 100 11 100 12 888 36 1,000 74 1,100 100 145 1,200 13 100 14 100 15 100 16 100 17 100 88888 202 1,300 300 1,400 435 1,500 588 1,600 774 1,700 a. What is the marginal revenue received from the 11th unit? b. What is the marginal cost of producing the 11th unit? $ c. What price does this firm charge for each hard drive? d. How many units should this firm produce to maximize profits? e. When profit maximizing, what is this firm's profit? $ per unit units
- QUESTION 2 A shoe company manufactures and sells a pair of shoes with the following cost and revenue data: 75 Variable cost Per Unit (AED) 20 Selling price Per Unit (AED) Total fixed expenses per month are as follows: Expenses types AED Advertising 388,348 Rent 90,000 Heating 80,000 a. How many units would the company have to sell to have a profit of AED 150,000?QUESTION 20 Study the table below which represents the cost and price schedules facing a perfectly competitive firm that manufactures bulbs. Use this information to answer the question. Quantity of the product 0 1 2 3 4 Price per unit (R) 10 10 10 10 10 10 c) d) 38022222 Total revenue Total profit (R) -10 -9 -5 -6 Marginal cost (R) . 9 6 8 10 13 Average variable cost (R) 9,00 7,50 7,67 8,25 9,20 This perfectly competitive firm will produce a) 3 bulbs, since losses are minimised. b) 4 bulbs, but it will consider shutting down in the short run. 4 bulbs, since at this production level it earns normal profit. 4 bulbs and will stay in operation.(Table: Barrels of Oil 2) Refer to the table. What is the marginal revenue of producing the fifth barrel of oil? Barrel of Oil Produced Total Revenue Total Cost Price 1 $50 $4 $50 10 234567896 100 10 50 150 21 50 200 38 50 250 61 50 300 90 50 350 126 50 400 176 50 450 266 50 500 390 50 61 50 200 250