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Calculate the marginal revenue from selling the 4th unit of output. Express your answer without units (e.g., if your answer is "$400", write "400" in the answer box).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The following table refers to information about a monopolist. The demand and total cost schedules for the monopolist are presented.
Quantity
1
2
34
5
6
7
ܒܢ
Calculate the marginal revenue from selling the 4th unit of output. Express your answer without units (e.g., if your answer is "$400", write "400" in the answer box).
Type your answer...
W
3
LU
E
a
$
4
R
ddelddeelala
www
000
6 Sº
%
Price
$30
$28
$26
$24
$22
$20
$18
5
T
6
MacBook Pro
Y
&
7
A
U
* 00
8
1
Total cost
$10
$20
$30
$40
$50
$60
$70
W
9
P
O
O
T
a

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The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a purely competitive firm that produces novelty ear buds. Assume the market for novelty ear buds is a competitive market and that the price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 20 1.00 25 2.00 1.20 30 2.46 1.41 35 3.51 1.71 40 4.11 2.01 45 5.43 2.39 50 5.99 2.75 55 8.47 3.27 Instructions: In part a, enter your answer as the closest given whole number. In parts b-d, round your answers to two decimal places. a. If Buddies wants to maximize profits, how many pairs of ear buds should it produce each week? pairs b. At the profit-maximizing quantity, what is the total cost of producing ear buds? 2$ c. If the market price for ear buds is $6 per pair, and Buddies produces the profit-maximizing quantity of ear buds, what will Buddies profit or loss be per week? 2$
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The value of marginal revenue is $35 and the value of marginal cost is $30 Is the firm maximizing profits?
The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a purely competitive firm that produces novelty ear buds. Assume the market for novelty ear buds is a competitive market and that the price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 25 2.20 30 2.02 2.17 35 2.45 2.21 40 3.57 2.38 45 4.00 2.56 50 5.46 2.85 55 5.93 3.13 60 8.53 3.58 Instructions: In part a, enter your answer as the closest given whole number. In parts b-d, round your answers to two decimal places. a. If Buddies wants to maximize profits, how many pairs of ear buds should it produce each week? pairs b. At the profit-maximizing quantity, what is the total cost of producing ear buds?
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