6 5 Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a perfectly competitive market for wreaths. Christina's Costs and Revenue Quantity Average Variable Average Total (wreaths) Cost (dollars) Cost (dollars) 5 6 Marginal Cost (dollars) GINT $20.00 H 22.00 23.00 63.00 82.00 HERE 63.00 84.00 R COND 63.00 Instructions: In part a, enter your answer as a whole number. In parts band c, round your answers to two decimal places. a. What is the profit-maximizing level of output for Christina's Christmas Wreaths? 7 8 9 10 wreaths $ $14.00 15.00 16.00 BALLIN 22.00 28.00 34.00 $24.00 23.00 23.00 28.00 34.00 39.00 b. What is the profit per unit if the profit-maximizing level of output is produced? $ Marginal Revenue < Prev 5 of 15 c. What is the total economic profit generated by producing the profit-maximizing output? 898 (dollars) $63.00 63.00 63.00PRUN!! 63.00HAND Next >
6 5 Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a perfectly competitive market for wreaths. Christina's Costs and Revenue Quantity Average Variable Average Total (wreaths) Cost (dollars) Cost (dollars) 5 6 Marginal Cost (dollars) GINT $20.00 H 22.00 23.00 63.00 82.00 HERE 63.00 84.00 R COND 63.00 Instructions: In part a, enter your answer as a whole number. In parts band c, round your answers to two decimal places. a. What is the profit-maximizing level of output for Christina's Christmas Wreaths? 7 8 9 10 wreaths $ $14.00 15.00 16.00 BALLIN 22.00 28.00 34.00 $24.00 23.00 23.00 28.00 34.00 39.00 b. What is the profit per unit if the profit-maximizing level of output is produced? $ Marginal Revenue < Prev 5 of 15 c. What is the total economic profit generated by producing the profit-maximizing output? 898 (dollars) $63.00 63.00 63.00PRUN!! 63.00HAND Next >
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 7PA
Related questions
Question
![16
5
Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a perfectly competitive market for
wreaths.
Christina's Costs and Revenue
Quantity Average Variable
(wreaths) Cost (dollars)
5
$14.00
6 - 15.00
7
CALL/M 16.00
8
22.00
9
28.00
10
34.00
wreaths
Average Total
Cost (dollars)
$24.00
23.00
23.00
28.00
34.00
39.00
$
Instructions: In part a, enter your answer as a whole number. In parts b and c, round your answers to two decimal places.
a. What is the profit-maximizing level of output for Christina's Christmas Wreaths?
Marginal Cost
(dollars)
$20.00
b. What is the profit per unit if the profit-maximizing level of output is produced?
$
olo L
c. What is the total economic profit generated by producing the profit-maximizing output?
$
%
Marginal Revenue
(dollars)
$63.00
63.00
63.00
63.00
63.00
63.00
22.00
23.00 BIEL
63.00
82.00 TAO
84.00
< Prev
31
5 of 15 BEB
O
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15f3ff9b-dc26-4f6c-b77a-f642779453c0%2Ffa4032c9-3906-4a01-835d-44f0d3f25666%2Fh1xwo9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:16
5
Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a perfectly competitive market for
wreaths.
Christina's Costs and Revenue
Quantity Average Variable
(wreaths) Cost (dollars)
5
$14.00
6 - 15.00
7
CALL/M 16.00
8
22.00
9
28.00
10
34.00
wreaths
Average Total
Cost (dollars)
$24.00
23.00
23.00
28.00
34.00
39.00
$
Instructions: In part a, enter your answer as a whole number. In parts b and c, round your answers to two decimal places.
a. What is the profit-maximizing level of output for Christina's Christmas Wreaths?
Marginal Cost
(dollars)
$20.00
b. What is the profit per unit if the profit-maximizing level of output is produced?
$
olo L
c. What is the total economic profit generated by producing the profit-maximizing output?
$
%
Marginal Revenue
(dollars)
$63.00
63.00
63.00
63.00
63.00
63.00
22.00
23.00 BIEL
63.00
82.00 TAO
84.00
< Prev
31
5 of 15 BEB
O
Next >
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