Bags/ variable average Participants fixed cost cost total cost variable cost cost marginal total revenue marginal total wt price $20 revenue profit 0 1700 0 1700 0 0 -1700 100 1700 500 2200 5 200 1700 1200 2900 6 57 2000 20 -200 4000 20 1100 300 1700 2700 4400 9 15 6000 20 1600 400 1700 5200 6900 13 25 8000 20 1100 500 1700 9000 10700 18 38 10000 20 -700 600 1700 15000 16700 25 60 12000 20 -4700 700 1700 23800 25500 34 88 14000 20 -11500 800 1700 36800 38500 46 130 16000 20 -22500 900 1700 55800 57500 62 190 18000 20 -39500 1000 1700 83000 84700 83 272 20000 20 -64700
Bags/ variable average Participants fixed cost cost total cost variable cost cost marginal total revenue marginal total wt price $20 revenue profit 0 1700 0 1700 0 0 -1700 100 1700 500 2200 5 200 1700 1200 2900 6 57 2000 20 -200 4000 20 1100 300 1700 2700 4400 9 15 6000 20 1600 400 1700 5200 6900 13 25 8000 20 1100 500 1700 9000 10700 18 38 10000 20 -700 600 1700 15000 16700 25 60 12000 20 -4700 700 1700 23800 25500 34 88 14000 20 -11500 800 1700 36800 38500 46 130 16000 20 -22500 900 1700 55800 57500 62 190 18000 20 -39500 1000 1700 83000 84700 83 272 20000 20 -64700
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Refer to the table, identify which of the below are true. Select all true statements.
- The quantity at which breakeven occurs is found where TR – TC = 0.
- The quantity of participants/bags that maximizes profits is found where MR ≥ MC 300.
- The quantity of participants/bags that maximizes profit is found where MR ≤ MC 400.
- Using Qb = F/(MR –
AVC ) the estimated breakeven quantity of participants/bags in approximately between 113 and 115.
![Bags/
variable
average
Participants fixed cost cost
total cost variable cost
cost
marginal total revenue marginal total
wt price $20
revenue profit
0
1700
0
1700
0
0
-1700
100
1700
500
2200
5
200
1700
1200
2900
6
57
2000
20
-200
4000
20
1100
300
1700
2700
4400
9
15
6000
20
1600
400
1700
5200
6900
13
25
8000
20
1100
500
1700
9000
10700
18
38
10000
20
-700
600
1700
15000
16700
25
60
12000
20
-4700
700
1700
23800
25500
34
88
14000
20
-11500
800
1700
36800
38500
46
130
16000
20
-22500
900
1700
55800
57500
62
190
18000
20
-39500
1000
1700
83000
84700
83
272
20000
20
-64700](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff9f60955-f589-4f8a-a316-f084aae90a95%2F4e092850-d8e8-4ad4-b1db-7407385f6ae2%2F3nnn1yc_processed.png&w=3840&q=75)
Transcribed Image Text:Bags/
variable
average
Participants fixed cost cost
total cost variable cost
cost
marginal total revenue marginal total
wt price $20
revenue profit
0
1700
0
1700
0
0
-1700
100
1700
500
2200
5
200
1700
1200
2900
6
57
2000
20
-200
4000
20
1100
300
1700
2700
4400
9
15
6000
20
1600
400
1700
5200
6900
13
25
8000
20
1100
500
1700
9000
10700
18
38
10000
20
-700
600
1700
15000
16700
25
60
12000
20
-4700
700
1700
23800
25500
34
88
14000
20
-11500
800
1700
36800
38500
46
130
16000
20
-22500
900
1700
55800
57500
62
190
18000
20
-39500
1000
1700
83000
84700
83
272
20000
20
-64700
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