SICrawCalculate the new total revenue and new marginal revenue product if the price of strawberries doubled (from $2 to $4 per box), andthen answer one question.Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-)in front of those numbers.Number ofPickers(per Hour)0123456789TotalStrawberryOutput(Boxes perHour)051014171920201815Price ofStrawberries(per Box)$2222222222TotalRevenue(per Hour)$0102028343840403630Marginal New PriceRevenueofProduct Strawberries$1010864NO20-4-6$4444444444New TotalRevenue(per Hour)$$$$$$$$$$How many pickers would be hired at $2 an hour before the price change?picker(s)NewMarginalRevenueProduct020$40$56 $68$7680$80 $72$60 $www20201612840-8-12

Total revenue is overall income from sales. It is calculated by multiplying the quantity of units…

Calculate the new total revenue and new marginal revenue product if the price of strawberries doubled (from $2 to $4 per box), and then answer one question. Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign ( in front of those numbers. Number of Pickers (per Hour) 0 1 2 3 4 5 6 7 8 9 Total Strawberry Price of Output (Boxes per Hour) 0 5 10 14 17 19 20 20 18 15 Total Strawberries Revenue (per Box) (per Hour) $2 2 2 2 2 2 2 2 2 2 $0 10 20 28 34 38 40 40 36 30 Marginal Revenue Product Strawberries - $10 10 8 6 4 2 New Price New Total of Revenue (per Hour) 0 -4 -6 $4 4 4 4 4 4 4 4 4 4 $ $ $ $ $ $ $ $ $ $ How many pickers would be hired at $2 an hour before the price change? picker(s) New Marginal Revenue Product 0 20 $ 40 $ 56 $ 68 S 76 $ 80 $ 80 $ 72 $ 60 $ - 20 20 16 12 8 4 0 -8 -12

Calculate the new total revenue and new marginal revenue product if the price of strawberries doubled (from $2 to $4 per box), and then answer one question. Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign ( in front of those numbers. Number of Pickers (per Hour) 0 1 2 3 4 5 6 7 8 9 Total Strawberry Price of Output (Boxes per Hour) 0 5 10 14 17 19 20 20 18 15 Total Strawberries Revenue (per Box) (per Hour) $2 2 2 2 2 2 2 2 2 2 $0 10 20 28 34 38 40 40 36 30 Marginal Revenue Product Strawberries - $10 10 8 6 4 2 New Price New Total of Revenue (per Hour) 0 -4 -6 $4 4 4 4 4 4 4 4 4 4 $ $ $ $ $ $ $ $ $ $ How many pickers would be hired at $2 an hour before the price change? picker(s) New Marginal Revenue Product 0 20 $ 40 $ 56 $ 68 S 76 $ 80 $ 80 $ 72 $ 60 $ - 20 20 16 12 8 4 0 -8 -12

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Only typed answer When the local electricity company charges a price of $20 per kilowatt they sell 1,000 units. If they raise the price by $1 they sell 800 units. What is the marginal revenue between $20 and $21? a) $21 b) $3,200 c) $200 d) $1
Please check if CDE are right, thanks
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Total Revenue Total C ost Proit/Loss/ Price( P) Quantity (TR) (TC) Break Even $3 5. 2 9. 3 8. 4 11 5. 15 6. 21 30 8. 42 6. 60 10 85 Yummy Cupcakes is a purely competitive firm. The firm's costs are shown in the table above. The market price is $5 (USE THIS TO FILL IN THE PRICE COLUMN) When Yummy Cupcakes produces 1 cupcakel Q-1).the firm : O breaks even incurs a loss O earns profits will shutdown
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