Refer to the table below ||Rate of Output||Fixed Costs||Variable Costs||Total Costs||Average...
Question:
Refer to the table below
| Rate of Output | Fixed Costs | Variable Costs | Total Costs | Average Total Costs |
|---|---|---|---|---|
| 0 | 120 | 0 | 120 | |
| 10 | 120 | 85 | 205 | 20.5 |
| 15 | 120 | 125 | 245 | 16.33 |
| 20 | 120 | 150 | 270 | 13.5 |
| 30 | 120 | 240 | 360 | 12.00 |
| 40 | 120 | 350 | 470 | 11.75 |
| 50 | 120 | 550 | 670 | 13.40 |
| 51 | 120 | 633 | 753 | 14.76 |
Compute total profits at a price of $35 per unit and an output of
a. 40 units
b. 50 units
Profit Maximization
Profit maximization is the belief that firms control output and price levels to achieve a point where they maximize revenues. Profit is equal to total revenues minus total costs. Profit maximization is equal to marginal revenue minus marginal cost. The profit maximization point is where any changes in output or prices decreases the firms profits.
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Profit Maximization: Definition, Equation & Theory
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Chapter 24 / Lesson 6
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