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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Table #1: The following table presents cost and revenue information for Soper's Port Vineyard.
Output
Produced
Quantity
Demanded
Total Cost
Marginal Cost
Price
Total Revenue
Marginal
Revenue
$0
$80
XXXXXXX
XXXXXXXXXXX
$50
100
$80
1
150
1
$80
$80
202
$52
$80
$160
$80
257
$55
$80
$240
$80
317
$60
$80
$320
$80
to
$80
4.
385
$68
5
$400
$80
$80
6.
$80
$480
$80
6.
465
7
$80
$560
$80
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 -542](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5c4d8540-3cd0-433c-89d6-6faaa16109c8%2F11a599b6-0b07-4fea-a34f-db498db9a069%2Flf4lmif_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Table #1: The following table presents cost and revenue information for Soper's Port Vineyard.
Output
Produced
Quantity
Demanded
Total Cost
Marginal Cost
Price
Total Revenue
Marginal
Revenue
$0
$80
XXXXXXX
XXXXXXXXXXX
$50
100
$80
1
150
1
$80
$80
202
$52
$80
$160
$80
257
$55
$80
$240
$80
317
$60
$80
$320
$80
to
$80
4.
385
$68
5
$400
$80
$80
6.
$80
$480
$80
6.
465
7
$80
$560
$80
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 -542
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