-When a firm produces one more unit of output the total revenue increases from $803 to...
-When a firm produces one more unit of output the total revenue increases from $803 to $1,037, and the total cost increases from $519 to $708. When this last unit of output was produced, what was the change in profit? Enter a whole number with no dollar sign. Enter a negative sign if appropriate.
-With her resources Sally can produce 36 units of good X or 142 units of good Y. What is her opportunity cost of producing 9 units of good X? Round your answer to two decimal places.
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Homework Answers
a) INcrease in the revenue of the firm = 1037 - 803 = 243, increase in the cost of the firm 708 - 519 = 189.
The change in the profit is 243 - 189 = $54.
b) The opportunity cost of producing 1 good X = 142 / 36 = 3.94.
So, to produce one good of X Sally has to give up 3.94 of good Y, so for 9 the opportunity cost will be 9 x 3.94 = 35.46 of good Y.
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