Given the data in the table, move the points in the graph to show the corresponding total revenue line and marginal revenue line. Price and revenue ($) 600 550 500 450 400 350 300 250 200 150 100 50 0 0.0 1.0 2.0 Total revenue Marginal revenue 3.0 Quantity 4.0 5.0 6.0 Demand Schedule for a Purely Competitive Firm Market price for the product Quantity demanded $100 $100 $100 $100 $100 $100 $100 0 1 2 3 4 5 6

Given the data in the table, move the points in the graph to show the corresponding total revenue line and marginal revenue line. Price and revenue ($) 600 550 500 450 400 350 300 250 200 150 100 50 0 0.0 1.0 2.0 Total revenue Marginal revenue 3.0 Quantity 4.0 5.0 6.0 Demand Schedule for a Purely Competitive Firm Market price for the product Quantity demanded $100 $100 $100 $100 $100 $100 $100 0 1 2 3 4 5 6

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Panther Acre Cattle Company - Chapter 7 Lab A typical farm or ranch problem is determining the optimum or profit-maximizing weight to sell fed cattle. Assume the feeder cattle are purchased at 600 pounds. The feed required and the weight gain is shown in the table below. Feed costs 7¢ per pound and feeder cattle prices are as follows: Weight Price per Pound 600-899 lbs 72¢ go to 3rd 900-1099 lbs decimal 1100 lbs or more 70¢ Point 67¢ Pay attention to the price changes when computing MVP. Input Output Feed Weight Selling Required Gain Weight Total Average Marginal Marginal Marginal Revenue Physical Physical Value Input (lbs) (lbs) (lbs) Product Product Product Cost 600 0 0 600 432 XXX XXX XXX XXX 500 50 So 650 468 0.10 0.083 1,100 145 as 745 536.40 0.132 6.158 1,700 235 aol 835 601.20 0.138 0.15 2,300 320 85 920 644 0.139 2,900 400 80 1,000 700 0.138 3,500 465 65 1,065 745, 50 0.133 4,100 525 60 1,125 753.75 0.128 4,700 575 SO 1,175 787.25 0.122 5,300 615 40 1,215 814.05 0.116 5,900 645…
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