How to find economic profit
[DOC File]University of Wisconsin–Madison
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Economic Profit for Class One = TR – TC = $24.75 - $14.50 = $10.25. m. Calculate the total revenue, total cost, and economic profit for Class Two. Assume fixed cost is divided evenly between the two classes. Answer: Total revenue for Class Two is equal to ($10.50 per unit)(9.5 units) = $99.75
[DOC File]Final Practice Problem Answers
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TC = 16 + Q2. Find the monopolist’s profit-maximizing quantity and price. What is the deadweight loss area? How much economic profit will the monopolist earn? The profit maximizing level of output for a single-price monopolist occurs where MR = MC. The linear demand curve P = 100 – Q has a marginal revenue of MR = 100 – 2Q.
[DOC File]CHAPTER 8 – PERFECT COMPETITION
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Remember that the goal of the firm is to maximize economic profit. There are two ways to find the amount of output that will maximize the firm’s profit: the “total approach” and the “marginal approach.” The “Total Approach” to Profit Maximization: Total Revenue minus Total Cost. Total profit = total revenue - total cost
[DOCX File]University of Wisconsin–Madison
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Since economic profit is greater than zero in the short run, this implies that there will be entry of firms into the market in the long run until economic profit for each firm is zero. The entry of firms will shift the market supply curve to the right and result in a lower price in the market. ... To find the profit maximizing quantity for the ...
[DOC File]Homework 5 - Michigan State University
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Thus, economic profit = $6. (Note you could have also done it by knowing that PS = Economic profit = PS – fixed cost = 9 – 3 = $6). How would each of the following affect the long-run supply of apples? (1.5 points) Hard-to-control bugs that eat apples invade from Canada. Consumers find …
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