Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 27 Sep 2017 My Price 9.00

Profit Maximization And Demand Analysis

Profit Maximization And Demand Analysis

 

The following data refer to the costs of a firm and the demand for its product.

 

Quantity sold

Price

£

Total cost

£

1

34

12

2

30

20

3

27

34

4

25

53

5

23

75

6

21

102

7

19

131

 

Requirements:

 

Using BOTH your knowledge of economic theory AND the data above,

 

(a) Calculate for each level of output the marginal cost the marginal revenue.

 

b) Calculate the level of profit at EACH level of output AND identify the profit-maximizing level of output.

 

 

(c)Calculate the price elasticity of demand for the good for a price fall from £25 to

£23.

 

(d) Identify the factors which might explain the value of the elasticity of demand for

this good.

  

Explain how you would expect the demand curve for this firm to vary if the number of firms in the industry were to rise.

  
   

Explain how you would expect the demand curve for this firm to vary if the number of firms in the industry were to rise.

24 Profit Maximization And Demand Analysis

 

The following data refer to the costs of a firm and the demand for its product.

 

 

Quantity sold

Price

£

Total cost

£

1

34

12

2

30

20

3

27

34

4

25

53

5

23

75

6

21

102

7

19

131

 

Requirements:

 

Using BOTH your knowledge of economic theory AND the data above,

 

(a)    Calculate for each level of output the marginal cost the marginal revenue.

              

b) Calculate the level of profit at EACH level of output AND identify the profit-maximizing level of output.

 

              

(c)Calculate the price elasticity of demand for the good for a price fall from £25 to

£23.        

 

(d) Identify the factors which might explain the value of the elasticity of demand for

this good.

 

Explain how you would expect the demand curve for this firm to vary if the number of firms in the industry were to rise.

 

 

 

Explain how you would expect the demand curve for this firm to vary if the number of firms in the industry were to rise.

 

 

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Sep 2017 12:09 AM My Price 9.00

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