Ans) the correct option is c) $ 115
At Profit maximization, MR = MC
MR = 80
MC at 6 units = 365 - 285 = 80
Profit = 80*6 - 365 = 115
Table 14-6 John's Vineyard Marginal Cost Marginal Revenue Quantity Produced 0 Quantity Demanded 0 1 1...
Question 2 (3 points) Note: It is best to fill out the full table, even if the question doesnt ask for it. It never hurts to practice filling these out. Quantity Produced Marginal Cost Quantity Demand Marginal Revenue COSTS Total Cost SO $50 $102 $157 $217 $285 $365 $462 $582 REVENUES Total Price Revenue $80 $80 $80 $80 $80 $80 $80 $80 $80 5 6 7 8 5 6 7 8 1. What is the marginal cost of the 5th...
Table 14-12 Bill's Birdhouses COSTS REVENUES Quantity Total Produced Cost Marginal Quantity Cost Demanded Price Total Marginal Revenue Revenue $0 $80 $50 $102 a wo $157 $217 $80 Ca W NA $285 $365 $80 $462 $80 $582 Refer to Table 14-12. What is the total revenue from selling 4 units? $320 5137 $480 $80 Question 3 Refer to Table 14-12 (above in Q2). What is the average revenue when 4 units are sold? $0 $68 $400 $80 Question 4 Refer...
Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. Quantity Produced Marginal Cost Quantity Demanded Marginal Revenue 0 COSTS Total Cost 100 150 202 257 317 50 52 135 120 I 120 120 00aWN- REVENUES Total Price Revenue 120 120 120 240 120 360 120 480 120 1.00 120 720 120 S4 AUAWN- 385 68 465 562 97 120 120 682 120 31. Refer to Table 14-2. Consumers are willing to pay $120 per unit...
Total Revenue Marginal Revenue 1) For the following firm in a competitive market, COSTS REVENUES Quantity Total Marginal Quantity Produced Cost Cost Demanded Price SO $80 $50 $80 $102 $80 $157 $80 $217 SSO $285 $80 $365 $80 $462 $80 8 $582 IS $80 a) Fill the column for marginal cost, total revenue and marginal revenue. b) What is interesting about the numbers you find for marginal revenue. c) Based on profit maximization rule that you learned in Chapter 14...
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $50.00 -- 0 $60 -- 1 $75.00 1 $60 2 $101.00 2 $60 3 $128.50 3 $60 4 $158.50 4 $60 5 $192.50 5 $60 6 $232.50 6 $60 7 $281.00 7 $60 8 $341.00 8 $60 Refer to Table 14-13. What is the economic profit at the profit maximizing point for this firm? a. $187.50 b. $139 c. $39 d. $121.50
Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. COSTS REVENUES Quantity Produced Total Marginal Cost Quantity Demanded Total Revenue Marginal Revenue Cost Price 0 100 120 0 1 150 1 120 2 202 2 120 257 317 120 3 120 4 4 5 385 120 5 465 6 120 6 7 120 562 7 8 120 8 682 20. Refer to Table 14-2. Consumers are willing to pay $120 per unit of port wine....
Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. COSTS Total Cost 100 Marginal Cost Quantity Demanded 0 150 1 Quantity Produced 0 1 2 T 3 4 5 6 T 7 52 257 35 317 0 4 385 168 465 so 56297 682 1208 UAWN REVENUES Total Marginal Price Revenue Revenue 120 20 120 120 240 120 360 120 120 1480 120 120 12000 120 720 120 120 Sun 120 doo T I 29....
QUESTION 3 Marginal Revenue ($) Marginal Cost (5) Revenue (5) Table: Profit-Maximizing Monopolist Price Quantity Total Average ($) (Units) Cost ($) Cost ($) 11 6 17 10 7 19 9 8 21 8 9 23 17 10 25 Reference: Ref 13-2 (Table: Profit-Maximizing Monopolist) Refer to the table. The profit-maximizing quantity for this monopolist is units O A7 OB.9 OC. 10 D.8
QUESTION 1 Marginal Revenue ($) Marginal Cost ($) Revenue ($) Table: Profit-Maximizing Monopolist Price Quantity Total Average ($) (Units) Cost ($) Cost ($) 11 17 10 19 9 8 21 8 9 23 7 10 25 7 Reference: Ref 13-2 to the table. When this monopolist sells 8 units, its average cost and marginal cost levels are: (Table: Profit-Maximizing Monopolist) A. $2.56 and $2 respectively. B. $2.63 and $2 respectively. C. $2.56 and 54 respectively. OD. $2.63 and 54 respectively.
Price per Unit Total Revenue (dollars) Marginal Revenue (dollars) $85 80 75 Quantity Demanded (units) 10 11 12 Total Cost of Marginal Cost Production (dollars) (dollars) $530 540 550 560 15 16 . • • Fill out the rest of the table. What is the firm's profit maximizing output and what is the price charged to sell this output? • Calculate ATC at the profit maximizing quantity. • When producing the profit maximizing output, what is the amount of the...