# Micro econ MR MC AC etc help

1. Dec 16, 2012

### GZA09

Micro econ MR MC AC etc help!!

1. The problem statement, all variables and given/known data
The adjacent graph (I've attached it) shows the short-run cost situation of a competitive, profit-maximizing firm. Assume that MC is plotted between units. Determine for each of the following prices: i) $150 ii)$200 iii) $230 iv)$350
a) equilibrium output
b) marginal revenue
c) marginal cost
d) average cost
e) profit per unit
f) total revenue
g) total cost

2. Relevant equations
These were what i could find in my notes that are related but they dont seem to help :/

Total cost = variable cost + fixed cost
Average cost = total cost / q

3. The attempt at a solution
Well by looking at the graph i was able to find out the equillibrium outputs, and using a rule that states that Price = Marignal cost and price = marginal revenue, i found those two.

Price:---------150-------200------230------350
Equill Output:--15--------17-------18-------21
Marginal R:----150-------200------230------350
Marignal C:----150-------200------230------350
Average C:
Profit/unit:
Total R:
Total cost:
Total profit:

Thank you :/ i have an exam in 2 days and im totally stumped on this :(

File size:
78.2 KB
Views:
67