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5-Assume that we have a diagram with the following dataP1=$20, Qd.pdf

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5-Assume that we have a diagram with the following data: P1=$20, Qd1=1,000; P2=$15 and Qd2=2,000 Figure out if we are better off with price P1 or P2. Hint calculate the values for: TR1 and TR2. Moreover, calculate the values for the: L=Lost revenue C=Common revenue G=Gained revenue 6-Construct a diagram with a unitary elasticity value at all its points. Production and Cost Schedules 7-Ponder the following: Assume that: L=Labor is the variable resource, and K=Capital is the constant resource. Assume furthermore that, per labor unit employed, the firm incurs a cost of $10.00. Moreover, assume that there is a total fixed cost equal to $20 associated with this production process. Calculate the: Total Fixed Costs (TFC); Total Variable Costs (TVC), Total Costs (TC), and MP (Marginal Product).

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5-Assume that we have a diagram with the following data: P1=$20, Qd1=1,000; P2=$15 and Qd2=2,000 Figure out if we are better off with price P1 or P2. Hint calculate the values for: TR1 and TR2. Moreover, calculate the values for the: L=Lost revenue C=Common revenue G=Gained revenue 6-Construct a diagram with a unitary elasticity value at all its points. Production and Cost Schedules 7-Ponder the following: Assume that: L=Labor is the variable resource, and K=Capital is the constant resource. Assume furthermore that, per labor unit employed, the firm incurs a cost of $10.00. Moreover, assume that there is a total fixed cost equal to $20 associated with this production process. Calculate the: Total Fixed Costs (TFC); Total Variable Costs (TVC), Total Costs (TC), and MP (Marginal Product)

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