Economics question I Che X Los Angeles Harbor C X C WWW sapling learning.com /ib

Question

Economics question I Che X Los Angeles Harbor C X C WWW sapling learning.com /ibiscms/mod/ibis/view.php?id-2141976 Map sapling Teaming The table below shows the costs and revenue for Glitter Ltd., a monopolistic competitor that sells earrings. Calculate the missing values in the table, to the nearest whole number, and enter them in the boxes provided. Quantity Price Total Revenue Marginal Total Cost Marginal Average Revenue 30,000 $38 $1,140,000 $1,200,000 $40 40,000 $34 $1,360,000 $22 $1,220,000 $2 $31 50,000 $30 $1,150,000 $1,260,000 $4 $1,320,000 C $1,560,000 60,000 S22 $1,540,000 -$2 $1,380,000 D 70,000 $1,444,000 $1,480,000 $10 $19 80,000 90,000 S14 $1,260,000 -$19 B $18 Number Number Number Number A Previous Check Answer Next Exit Hin 9:37 ENG 02.12.2015

Explanation / Answer

A

is marginal revenue when 80000 units are produced

A= MR=newTR-oldTR/ new quantity-old quantity = (1444000-1540000)/(80000-70000) = -9.6

B

is TC when Q=90000,

AC=$18

TC=AC*(Q) =18*(90000)=1620000

B=1620000

C

is marginal revenue when 60000 units are produced

C= MC=newTC-oldTC/ new quantity-old quantity =(1320000-1260000)/(60000-50000)=$6

D

is AC when Q=70000

AC=TC/Q =1380000/70000=19.71

D= 19.71

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