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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.

    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 :(
     

    Attached Files:

  2. jcsd
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