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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

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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.

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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