Homework Answers
Answer 9
d.$10
The marginal revenue indicates the price per unit at which the seller will sell. The marginal revenue indicates additional revenue per additional unit of Rose sold.
Answer 10
c.1200
Profit profit is maximized when marginal revenue equals marginal cost. The marginal revenue = marginal cost when price is $10 and quantity is 1200.
Answer 11
c.2400
The revenue earned when selling 1200 roses is $10*1200= $12000
The average total cost at that level of output is $8
The total cost = $8 *1200= $9600
Profit = 12000- 9600= $2400
Answer 12
a.Produce
They will produce in the short run as they are enjoying profits.
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For each price in the following table, calculate the firm's optimal quantity of units to produce,...
For each price in the
following table, calculate the firm's optimal quantity of units to
produce, and determine the profit or loss if it produces at that
quantity, using the data from the previous graph to identify its
total variable cost. Assume that if the firm is indifferent between
producing and shutting down, it will produce.
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symbols] on the previous graph to see precise information on
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all the information is on the graph 15:08 Attachment Done 1 of 8 1. Use the information in Figure A above to answe...
all
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total variable cost. Assume that if the firm is indifferent between
producing and shutting down, it will produce.
(Hint: You can select the purple points [diamond
symbols] on the previous graph to see precise information on
average variable cost.)
If the firm...
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