Table #1: The following table presents cost and revenue information for Soper's Port Vineyard.OutputProducedQuantityDemandedTotal CostMarginal CostPriceTotal RevenueMarginalRevenue$0$80XXXXXXXXXXXXXXXXXX$50100$8011501$80$80202$52$80$160$80257$55$80$240$80317$60$80$320$80to$804.385$685$400$80$806.$80$480$806.4657$80$560$80562$97$80$640$808.682$120Refer to Table#1. (2 Points) Consumers are willing to pay $80 per unit of port wine. What is Soper's Port Vineyard's economic profit at their profit maximizing point?O $15O -$2O -542

The total production process of a firm is an amalgamation of various costs, the optimum quantity…

Quantity Demanded Total Cost Marginal Cost Price Total Revenue Marginal Output Produced Revenue XXXXXXX XXXXXXXXXXX $50 100 $80 $0 1 150 1 $80 $80 $80 202 $52 $80 $160 $80 3 257 $55 $80 $240 $80 317 $60 $80 $320 $80 $80 $80 385 $68 $80 $400 6. 465 $80 6. $80 $480 7 $80 $560 $80 7 562 $97 $80 $640 $80 8. 682 $120 Refer to Table#1. (2 Points) Consumers are willing to pay $80 per unit of port wine. What is Soper's Port Vineyard's economic profit at their profit maximizing point? O $15 O -$2 O $3 O -$42

Quantity Demanded Total Cost Marginal Cost Price Total Revenue Marginal Output Produced Revenue XXXXXXX XXXXXXXXXXX $50 100 $80 $0 1 150 1 $80 $80 $80 202 $52 $80 $160 $80 3 257 $55 $80 $240 $80 317 $60 $80 $320 $80 $80 $80 385 $68 $80 $400 6. 465 $80 6. $80 $480 7 $80 $560 $80 7 562 $97 $80 $640 $80 8. 682 $120 Refer to Table#1. (2 Points) Consumers are willing to pay $80 per unit of port wine. What is Soper's Port Vineyard's economic profit at their profit maximizing point? O $15 O -$2 O $3 O -$42

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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