Solved > 9  Numeric and Graphing Questions   Quantity (dozens:1933376 …

9  Numeric and Graphing Questions

 

Quantity

(dozens of roses a week)

Price (dollars per dozen roses)

1

12

2

12

3

12

4

12

1) Pete is a perfectly competitive rose grower. The above table gives quantities and the price for which Pete can sell his roses.

a) What is Pete’s total revenue if he sells 1 dozen roses? 2 dozen roses? 3 dozen roses? 4 dozen roses?

b) What is the marginal revenue of the 2nd dozen roses sold? Of the 3rd dozen? Of the 4th dozen?

 

 

2) Farmer Brown produces corn in a perfectly competitive market. Farmer Brown produces and sells 500 bushels of corn. The market supply and demand curves are illustrated in the above figure.

a) What is Farmer Brown’s total revenue?

b) What is Farmer Brown’s marginal revenue?

 

Quantity

(wreaths)

Total cost

(dollars)

Total revenue

(dollars)

Profit or loss

(dollars)

0

  1

1

10

2

18

3

24

4

28

5

33

6

40

7

49

8

60

9

73

3) The above table gives Amy’s total cost schedule for producing holiday wreaths. Amy is a perfect competitor and can sell each wreath for $9.

a) Complete the table by calculating Amy’s total revenue and her profit or loss schedule.

b) When Amy is producing 4 wreaths, what is her total cost? What is her total revenue? What is her economic profit or economic loss?

c) What number of wreaths maximizes Amy’s profit?

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