There are two parts to this assignment. Use the Assignment 3.1 Document (Word) (Links to an external site.) to record your responses.
Assignment Guidelines
Part I: Single Investor-Owned Firm
- Define total revenue (TR), marginal revenue (MR), and the profit-maximizing rule for a single investor-owned firm.
- Calculate MR, MC, and ATC for Table 3.1.
- Give the profit-maximizing level of output (Q).
Part II: Tax-Exempt Agency
Now, assume the firm is a tax-exempt agency. One possibility is that tax-exempt agencies maximize output.
- Define the output-maximization rule.
- Give the output-maximizing level of output (Q) in Table 3.1.
- Explain what happens to the supply curve for an output-maximizing firm if it increases the quality of their visits.
Table 3.1
| Quantity of Visits (Q) | Total Revenue (TR) | Marginal Revenue (MR) | Total Costs (TC) | Marginal Cost (MC) | Average Total Cost (ATC) |
|---|---|---|---|---|---|
| 0 | 0 | 50 | |||
| 1 | 200 | 175 | |||
| 2 | 400 | 350 | |||
| 3 | 600 | 550 | |||
| 4 | 800 | 800 | |||
| 5 | 1000 | 1100 |
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