MICROECONOMICS
1. Complete a table for Q, FC, VC, TC, MC, MR, Price, TR and Profit using reasonable numbers for a perfectly competitive firm. For price, use a number equal to the number of letters in your first name. For Q use 0, 1, 2, 3, 4, 5, 6, 7, 8 may name is lilia
For MC use $2, 3, 4, 6, 8, 11, 14, 15 Use numbers that create a single quantity for which profit is maximized. You may need to play around with the numbers to make this work out. Show that MR = MC at profit maximization by graphing MC and MR.
In place of question 2 below, you may substitute the following:
(calculus substitute). Go to the calculus in micro modules (top of Moodle page). Complete the following sections:
Marginal analysis;
Profit maximization; and
Average costs and marginal cost.
For each section, identify one page that could be improved so that you will learn more about the connection between microeconomics and calculus. Explain how I might improve those three pages.
Microeconomics and calculus
At the margin
Much of microeconomics looks at behavior at the margin. That means how one variable changes when there are small changes in another variable. You can see calculus here: this is simply the first derivative.
Here are examples of changes at the margin:
Marginal cost =
Marginal revenue =
Marginal tax rate = (Except notice here that the change is discontinuous. There are tax brackets so that we won’t use calculus here.)
Here’s an example for marginal cost.
If total cost = + 20Q + 500
Then marginal cost = 6Q + 20
?You try one:
If total cost = – + 30 + 40
By finding marginal cost for Q = 1, 2, and 4, we can see that: n the previous example, marginal cost rose over the three levels of output. Remember
Total cost = Q3 + 30 Q2 + 40, so dTC/dQ = MC = 3 Q2 +60Q
At Q = 1, MC = 57; at Q= 2 MC = 108; and at Q = 4, MC = 192.
?
Now try one for marginal revenue.
?
If Total revenue = 4Q2+ 150Q
?
What is marginal revenue at Q = 10?
1420
70
158
1100
In the previous example, marginal cost rose over the three levels of output. Remember
Total cost = Q3 + 30 Q2 + 40, so dTC/dQ = MC = 3 Q2 +60Q
At Q = 1, MC = 57; at Q= 2 MC = 108; and at Q = 4, MC = 192.
?
Now try one for marginal revenue.
?
If Total revenue = 4Q2+ 150Q
?
What is marginal revenue at Q = 10?
70
1100
158
1420In the previous example, marginal cost rose over the three levels of output. Remember
Total cost = Q3 + 30 Q2 + 40, so dTC/dQ = MC = 3 Q2 +60Q
At Q = 1, MC = 57; at Q= 2 MC = 108; and at Q = 4, MC = 192.
?
Now try one for marginal revenue.
?
If Total revenue = 4Q2+ 150Q
?
What is marginal revenue at Q = 10?
70
1100
1420
158n the previous example, marginal cost rose over the three levels of output. Remember
Total cost = Q3 + 30 Q2 + 40, so dTC/dQ = MC = 3 Q2 +60Q
At Q = 1, MC = 57; at Q= 2 MC = 108; and at Q = 4, MC = 192.
?
Now try one for marginal revenue.
?
If Total revenue = 4Q2+ 150Q
?
What is marginal revenue at Q = 10?
70
1420
158
1100One of the shortcuts you’ll learn in microeconomics is that profits are maximized at the output level where marginal revenue = marginal cost. This can be shown to be intuitively true because if the amount coming (marginal revenue) does not balance the amount going out (marginal cost), then it is possible to increase profits by changing the output.
?
But we can prove the rule using calculus.
Profit = TR – TC
If we differentiate profit with respect to Q
= –
?
To find maximum profit, set this equation equal to zero,
?
= or MR = MC
?
You can use calculus to find profit maximization.
If TR = – 9 and TC = 2 Q + 1
Then MR = 2Q and MC = 2; so 2Q = 2 and Q = 1
You try one:
If TC = 4 + 10Q – 1 and TR = 50Q + 4
What level of Q maximizes profit? (remember to find MR and MC using calculus)
8
20.5
5
8.5When we study average total cost (ATC) and marginal cost (MC), you’ll learn that ATC = MC when ATC is at a minimum. In economics, this means that a firm is most efficient (ATC at a minimum) when ATC = MC. This can be shown intuitively because adding one more unit that is less than the average will pull the average down, whereas adding one more unit this greater than the average will put the average up. If the additional unit equals the average, then the average is unchanged, that is it is at a minimum.
?
But this is shown more convincingly with calculus. ?
ATC = TC/Q; to find the minimum ATC differentiate ?
= = (TC – Q x )/
??Setting the equation = 0 ?
TC = ( Q x )
so that TC/ Q =
or ATC = MC
?Try a problem: ??If TC = 3 + 12Q
Find ATC, find MC and then find where they are equal.
ATC = 3Q +12; MC = 6Q+ 12; Q = 4
ATC = 18Q; MC = 6Q + 12; Q = 1
ATC = 6Q – 12; MC = 3Q; Q = 4
ATC = 12Q + 3; MC = 15Q; Q = 1
2. In the Glendale College library, online, and in most public libraries, you will find an extensive collection of corporate annual reports. Please choose a corporation that begins with the first letter of your first or last name.(my first name lilia last name allahyari)
What is the name of your corporation? What does it produce? How large is this corporation? (please think carefully about the best way to measure size) Be careful with your units. Skim through the annual report looking for one of the following concepts. It is unlikely that the report will use this precise language, but all reports use at least two of these concepts implicitly:
Economies of scale versus diseconomies of scale
Fixed costs versus variable costs
Shutdown versus exit
Marginal versus average costs
Explain how the report refers to one of these concepts.
3.Based on your reading of the article ?Climate Economics in Four Easy Pieces? in the photocopy reader:(Before answer this question u should read the article go to GOOGLE and type Climate economics in four easy pieces by FRANK ACERMAN)
Identify two concepts used in this article that we have studied in Microeconomics. How does the author use the concept and how is each similar to how we used in in the course?
4. Based on your learning from chapters 7, 8, and 9, select one concept for a onepage essay and reflect on the following:
How did learning about this concept change the way I understand [insert specifics about the concept]?
Why is learning this concept important?
(THE WRITER MUST BE FAMILIAR WHI CHPTER 7.8,9 FROM ECON 101 GLENDALE COMMUNITY COLLEG TRY TO USE UR EXAMLES AND EXPANATIONS BASED ON BOOK URE THE ESSY WORDE AS MUCH AS POSBLE ANSURE ALL THE QUESTIONS THEY ASK AND EXPLANE EVREY THING AND EVRY NUMBER THAT U CHOOS )USE ALL THE NUMBERS AND EXAMPLES FROM BOOK BASED ON CHAPTER 7.8,9 AND EXPLAYN EVRY THING AS MUCH AS POSIBLE USE EIMPLE WORDE BASED ON BOOK
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