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Category > Economics Posted 22 Jun 2017 My Price 12.00

Quantity Total Total Marginal

Refer to the following table: Quantity Total Total Marginal Marginal
(Bushels) Revenue Cost Profit Revenue Cost
(0) (TR) (TC) (TR - TC) (MR) (MC)
0 $0.00 $1.00 -$1.00 -- --
1 4.00 4.00 0.00 $4.00 $3.00
2 8.00 6.00 2.00 4.00 2.00
3 12.00 7.50 4.50 4.00 1.50
4 16.00 9.50 6.50 4.00 2.00
5 20.00 12.00 8.00 4.00 2.50
6 24.00 15.00 9.00 4.00 3.00
7 28.00 19.50 8.50 4.00 4.50
8 32.00 25.50 6.50 4.00 6.00
9 36.00 32.50 3.50 4.00 7.00
10 40.00 40.50 - 0.50 4.00 8.00 Suppose the price of wheat rises to $5.00 per bushel. Farmer Parker will maximize profits by producing D bushels of wheat (enters whole number). He will make a profit of $l: (round your answer to the nearest penny).

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SuperTutor
(15)
Status NEW Posted 22 Jun 2017 07:06 AM My Price 12.00

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file 1498115492-Solutions file.docx preview (56 words )
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