*Define scarcity and opportunity cost. What role these two concepts play in the making of business decisions?
a) what is Marginal Analysis? (b) Why Is Marginal Analysis Important in Economics? (c) What is the role of Marginal analysis?
Suppose a firm's inverse demand curve is given by P = 120 - .5Q, and its cost equation is C = 420 + 60Q + Q2.
(a) Calculate Price (P), Total Revenue (TR), Marginal Revenue,(MR) Total Cost (TC), Marginal Cost (MC), Total Profit and Marginal Profit for Q =15...35.
|
Q
|
P
|
TR
|
MR
|
TC
|
MC
|
Total Profit
|
Marginal Profit
|
|
|
18
|
|
19
|
|
20
|
|
21
|
|
22
|
|
23
|
|
24
|
|
25
|
|
26
|
|
27
|
|
28
|
|
29
|
|
30
|
|
31
|
|
32
|
|
33
|
|
34
|
|
35
|