1. Limited time only! Sign up for a free 30min personal tutor trial with Chegg Tutors
    Dismiss Notice
Dismiss Notice
Join Physics Forums Today!
The friendliest, high quality science and math community on the planet! Everyone who loves science is here!

Homework Help: Micro econ MR MC AC etc help

  1. Dec 16, 2012 #1
    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.

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

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

    Attached Files:

  2. jcsd
Share this great discussion with others via Reddit, Google+, Twitter, or Facebook

Can you offer guidance or do you also need help?
Draft saved Draft deleted