Market Analysis and Profit Maximization for 'Time to Go' Shop by Professor Popkiss
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This coursework analyzes the market for 'Time to Go' shop by Professor Popkiss who wants to pursue his hobby of restoring old clocks and watches commercially. It includes calculations of TR, MR, TC, AC, AVC, ATC, MC, and Profits for each level of output. It also explains the shape of the short run ATC curve and suggests the number of clocks to be restored and the price to be charged for maximum profits. The coursework further plots the ATC, MC, AR, and MR functions and indicates the profit-maximizing price and output. It also discusses the conditions under which Professor Popkiss can earn these profits in the long run. Additionally, the coursework assumes a new demand curve and suggests the profit-maximizing price and level of output, and advises Professor Popkiss about his options and tactics to maintain profits in the long run.