Given the following information, answer the following questions. TR = $3Q TC = $1,500 + $2Q a. What is the break-even level of output? b. If the firm sells 1,300 units, what are its earnings or losses? c. If sales rise to 2,000 units, what are the firm's earnings or losses? d. If the total cost equation were TC = $2,000 + $1.80Q what happens to the break-even level of output units?
What will be an ideal response?
a. Break?even level of output: $1,500/($3 ? $2) = 1,500 units b. Earnings = $3Q ? $1,500 ? $2Q = $3(1,300) ? 1,500 ? 2(1,300) = ($200)c. Earnings = $3Q ? $1,500 ?$2Q = 3(2,000) ? 1,500 ? 2(2,000) = $500d. Break?even level of output: $2,000/($3 ? $1.80) = 1,667 units
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