John's VineyardQuantityProduced012345678Select one:O a. $25O b. $225COSTSTotalCostO c. $115O d. $75$0$50$102$157$217$285$365$462$582MarginalCostQuantityDemanded01~/3245678REVENUESPrice$80$80$80$80$80$80$80$80$80Refer to Table 6. What is John's Vineyard's economic profit at its profit-maximizing outputlevel?TotalRevenueMarginalRevenue

Marginal cost is the addition to the total cost of producing an additional unit of output. Marginal…

Answered: Refer to Table 6. What is John's…

Refer to Table 6. What is John's Vineyard's economic profit at its profit-maximizing output level? Select one: O a. $25 O b. $225 O c. $115 O d. $75

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

John's Vineyard
Quantity
Produced
0
1
2
3
4
5
6
7
8
Select one:
O a. $25
O b. $225
COSTS
Total
Cost
O c. $115
O d. $75
$0
$50
$102
$157
$217
$285
$365
$462
$582
Marginal
Cost
Quantity
Demanded
0
1
~/3
2
4
5
67
8
REVENUES
Price
$80
$80
$80
$80
$80
$80
$80
$80
$80
Refer to Table 6. What is John's Vineyard's economic profit at its profit-maximizing output
level?
Total
Revenue
Marginal
Revenue

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