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Economic Homework Problem 8




Question;Price ($/pound)$25$18$16$14$12$10$8$6$4$2Quantity (Pounds/Period)01,0002,0003,0004,0005,0006,0007,0008,0009,000Fixed costsof manufacting berylliumare $14,000 per period. The firm?s variable cost schedule is as follows:Output (Pounds/Period)01,0002,0003,0004,0005,0006,0007,0008,0009,000Variable Costs (Per Pound)$0$10$8.50$7.33$6.25$5.40$5.00$5.14$5.88$7.00A. Find the total revenue and marginal revenue schedules for the firm.B. Determine the average total and marginal costs schedules for the firm.C. What are Exotic?s Metal?s profit-maximizing price and output levels for the production and sale of beryllium?D. What is Exotic?s profit or loss at the solution determined in Part C?E. Suppose the federal government announces it will sell beryllium, from its extensive wartime stockpile, to anyone who wants it at $6 per pound. How does this affect the solution determined in Part C? What is Exotic Metals profit or loss under these conditions?


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