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1) Refer to the figure and table below: (1) Number of Bushel (per Day) (2) Price (3) Total Revenue - (4) Total Cost = (5) Total Profit (6) Marginal Revenue (7) Marginal 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 If the price of catfish fell from $13 to $7 per bushel, determine the: (a) Profit-maximizing output
1) Refer to the figure and table below:
|
(1) |
(2) |
(3) |
- |
(4) |
= |
(5) |
(6) |
(7) |
|
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 |
If the price of catfish fell from $13 to $7 per bushel, determine the:
(a) Profit-maximizing output.
Instructions: Enter your response rounded to the nearest whole number.
(b) Profit or loss per bushel.
Instructions: Enter your response rounded to the nearest whole number. Indicate a negative response (loss) with a (-) negative sign.
(c) Total profit or loss.
Instructions: Enter your response rounded to the nearest whole number. Indicate a negative response (loss) with a (-) negative sign.
2) (a) Complete the following cost and revenue schedules for a perfectly competitive firm:
Instructions: Enter your responses as whole numbers. Indicate a negative response with a (-) negative sign.
|
Quantity |
Price |
Total Revenue |
Total Cost |
Profit |
Marginal Cost |
|
0 |
$60 |
|
|
|
|
|
1 |
60 |
|
|
|
|
|
2 |
60 |
|
|
|
|
|
3 |
60 |
|
|
|
|
|
4 |
60 |
|
|
|
|
|
5 |
60 |
|
|
|
|
(b) What rate of output maximizes profit?
Instructions: Enter your response as a whole number.
(c) What is MC at that rate of output?
Instructions: Enter your response as a whole number.
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