Econ 1011 - Lecture 13

Econ 1011 Lecture 13

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Unformatted text preview: is
P
=
$5
 3. See
table
below
 4. Draw
Graph
as
below
 5. Produce
140
brooms
since
P
=
MC
=
5

 a. TR
=
TC
=
700
 b. Profit
=
0
=
PQ
–
ATC(Q)xQ
 c. Don’t
choose
the
first
P=MC
at
Q=20
 i. This
is
a
minimum
 ii. P=MC
is
a
necessary
but
not
a
sufficient
 condition
for
maximizing
profit
 Total
 Revenue
 (TR
=
P*Q)
 0
 $100
 $250
 $450
 $600
 $700
 $750
 $775
 Marginal
 Revenue
 (MR...
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This note was uploaded on 09/30/2013 for the course ECON 1011 taught by Professor Irenefoster during the Fall '11 term at GWU.

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