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# of Bushels Price Total Revenue Total Cost Total Profit Marg Revenue Marg Cost 0 13
# of Bushels Price Total Revenue Total Cost Total Profit Marg Revenue Marg Cost
0 13. 0. 10. -10. ----- ------
1. 13. 13. 15. -2. 13. 5
2. 13. 26. 22. 4. 13. 7
3. 13. 39. 31. 8. 13. 9
4. 13. 52. 44. 8. 13. 13.
5. 13. 65. 61. 4. 13. 17
THE QUESTION ASK THE FOLLOWING:
If the price of catfish fell from $13 to $7 per bushel, determine the
a. Profit maximizing output. _____ per bushel(s)
b. Profit or loss per bushel. _____ per bushel(s)
c. Total profit or loss. $_______
Expert Solution
a. Profit maximizing output is at point where MR is equal to MC. So, It is 2 bushel(s).
b. At 2 units, Total Loss is $8. So, Per unit profit or loss per bushel is -$4 per bushel(s).
c. Total profit or loss is -$8.
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