ook at Table 8.13. What would happen to the firm’s profits if the market price increases to $6 per pack of raspberries? Quantity Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $62 $62 - $0 −$62 10 $90 $62 $28 $60 −$30 20 $110 $62 $48 $120 $10 30 $126 $62 $64 $180 $54 40 $144 $62 $82 $240 $96 50 $166 $62 $104 $300 $134 60 $192 $62 $130 $360 $168 70 $224 $62 $162 $420 $196 80 $264 $62 $202 $480 $216 90 $324 $62 $262 $540 $216 100 $404 $62 $342 $600 $196
ook at Table 8.13. What would happen to the firm’s profits if the market price increases to $6 per pack of raspberries? Quantity Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $62 $62 - $0 −$62 10 $90 $62 $28 $60 −$30 20 $110 $62 $48 $120 $10 30 $126 $62 $64 $180 $54 40 $144 $62 $82 $240 $96 50 $166 $62 $104 $300 $134 60 $192 $62 $130 $360 $168 70 $224 $62 $162 $420 $196 80 $264 $62 $202 $480 $216 90 $324 $62 $262 $540 $216 100 $404 $62 $342 $600 $196
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Look at Table 8.13. What would happen to the firm’s profits if the market
Quantity | Total Cost | Fixed Cost | Variable Cost | Total Revenue | Profit |
---|---|---|---|---|---|
0 | $62 | $62 | - | $0 | −$62 |
10 | $90 | $62 | $28 | $60 | −$30 |
20 | $110 | $62 | $48 | $120 | $10 |
30 | $126 | $62 | $64 | $180 | $54 |
40 | $144 | $62 | $82 | $240 | $96 |
50 | $166 | $62 | $104 | $300 | $134 |
60 | $192 | $62 | $130 | $360 | $168 |
70 | $224 | $62 | $162 | $420 | $196 |
80 | $264 | $62 | $202 | $480 | $216 |
90 | $324 | $62 | $262 | $540 | $216 |
100 | $404 | $62 | $342 | $600 | $196 |
Table8.13
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