Table #1: The following table presents cost and revenue information for Soper's Port Vineyard. Output Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 100 XXXXXXXXXXX $80 SO XXXXXXX 1 150 $50 1 $80 $80 $80 202 $52 $80 $160 $80 257 $55 3 $80 $240 $80 3 317 $60 4 $80 $320 $80 4 5 $80 $400 $80 385 $68 6. $80 $480 $80 6. 465 $80 $80 $560 $80 562 $97 S80 $640 $80 8 682 $120 Refer to Table#1 above. Consumers are willing to pay $80 per unit of port wine. What is the average revenue from selling the 3rd unit? O $80 O $140 O $120 O $97

Table #1: The following table presents cost and revenue information for Soper's Port Vineyard. Output Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 100 XXXXXXXXXXX $80 SO XXXXXXX 1 150 $50 1 $80 $80 $80 202 $52 $80 $160 $80 257 $55 3 $80 $240 $80 3 317 $60 4 $80 $320 $80 4 5 $80 $400 $80 385 $68 6. $80 $480 $80 6. 465 $80 $80 $560 $80 562 $97 S80 $640 $80 8 682 $120 Refer to Table#1 above. Consumers are willing to pay $80 per unit of port wine. What is the average revenue from selling the 3rd unit? O $80 O $140 O $120 O $97

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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