Question
Table 14-12 Bill’s Birdhouses COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total...
Table 14-12
Bill’s Birdhouses
|
COSTS |
REVENUES |
|||||
|
Quantity |
Total |
Marginal |
Quantity |
|
Total |
Marginal |
|
0 |
$0 |
-- |
0 |
$80 |
-- |
|
|
1 |
$50 |
1 |
$80 |
|||
|
2 |
$102 |
2 |
$80 |
|||
|
3 |
$157 |
3 |
$80 |
|||
|
4 |
$217 |
4 |
$80 |
|||
|
5 |
$285 |
5 |
$80 |
|||
|
6 |
$365 |
6 |
$80 |
|||
|
7 |
$462 |
7 |
$80 |
|||
|
8 |
$582 |
8 |
$80 |
|||
Refer to Table 14-12. At what quantity does Bill maximize profits?
| a. |
7 |
|
| b. |
8 |
|
| c. |
3 |
|
| d. |
6 |
Homework Answers
Answer #1
The firm maximizes the profit where the marginal cost equals the marginal revenue of the firm.
Marginal revenue 
Change.
Marginal cost 
Ans: The firm maximizes at the 6th unit were the marginal cost is equal to marginal revenue of production.
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175
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