Really great job. Thank you so much. I really love it. Thank you so much for all of your help.
Can someone please help me solve and graph this in excel?
Your company has estimated its total cost to be TC = 5500 + 0.04Q + 0.0012Q2; its marginal cost is thus MC = 0.04 + 0.0024Q, where Q is the quantity of units produced and TC is in dollars. Since your market is relatively competitive, your company is able to sell its output for $8.44 each (which thus yields MR = 8.44 and TR = 8.44Q).
a. Produce a chart in Excel showing TC and TR with Q on the horizontal axis. Have Q go from 0 to 10,000 units. Produce a second chart showing MC and MR with Q again on the horizontal axis.
b. What is the optimal level of output for your company to produce/sell? What is the marginal revenue from the last unit sold?
c. What are the total revenue, total cost, and profit (net benefit/net revenue/etc.) from selling the optimal number of units?
d. An eager intern at your company suggests that, since the company earns $8.44 revenue for each unit sold, then the company could make still more profit by selling more than the level chosen in part b; why would your company not want to produce and sell more output than the level you chose in part b?
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