Number of Baskets of Fish (per hour) 0 1 2 3 4 5 Price $13 13 13 13 13 Total Revenue SO 13 26 39 52 65 Total Cost $10 15 22 31 44 61 Total Profit $-10 -2 4 8 8 4 Marginal Cost basket(s) of fish basket(s) of fish basket(s) of fish 167 $5 9 13 17 Given the information in the table above about fish production, answer three questions. Instructions: Enter your responses as whole numbers. Indicate negative responses with a (-) negative sign. What rate of output a. Maximizes total revenue? b. Maximizes profit per unit? c. Maximizes total profit? (Note: Choose the higher level of output.)

Number of Baskets of Fish (per hour) 0 1 2 3 4 5 Price $13 13 13 13 13 Total Revenue SO 13 26 39 52 65 Total Cost $10 15 22 31 44 61 Total Profit $-10 -2 4 8 8 4 Marginal Cost basket(s) of fish basket(s) of fish basket(s) of fish 167 $5 9 13 17 Given the information in the table above about fish production, answer three questions. Instructions: Enter your responses as whole numbers. Indicate negative responses with a (-) negative sign. What rate of output a. Maximizes total revenue? b. Maximizes profit per unit? c. Maximizes total profit? (Note: Choose the higher level of output.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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