Ecomomics Mathematics & Economics Math Problem Paper (Math Problem Sample)
1. Complete the following table and identify the quantity that maximizes profit.
2. Suppose that each firm in a perfectly competitive market has a short-run total cost of TC = 75 + 500Q – 5Q2 + 0.5Q3, where MC = 500 – 10Q + 1.5Q2.
a. Calculate the output that minimizes the firm’s AVC.
b. What is the firm’s shutdown price?
1 Complete the following table and identify the quantity that maximizes profit.
Marginal revenue is calculated by dividing the change in total revenue by the change in the quantity sold. This shows that the marginal revenue is the gradient (slope) of the total revenue curve.
Marginal Revenue = Change in Total RevenueChange in Quantity Sold
While marginal cost is calculated by dividing the change in total cost by the change in quantity.
Marginal Cost = Change in Total CostChange in Quantity.
The table below is filled according to the formulars provided above for calculating marginal cost and marginall revenue.
Total Revenue (TR)
Marginal Revenue (MR)
Total Cost (TC)
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