Table 8.7 Number of Fruit Baskets TFC TVC TC MC $50 $0 $50 -- 1 50 10 60 10 50 15 65 50 21 71 4 50 31 81 10 50 46 96 15 6. 50 68 118 22 1) Only for this question refer to table 8.7 (above). Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell fruit baskets and their profit is A) three; $5 B) four; $7 C) five; $14 D) six; $14
Table 8.7 Number of Fruit Baskets TFC TVC TC MC $50 $0 $50 -- 1 50 10 60 10 50 15 65 50 21 71 4 50 31 81 10 50 46 96 15 6. 50 68 118 22 1) Only for this question refer to table 8.7 (above). Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell fruit baskets and their profit is A) three; $5 B) four; $7 C) five; $14 D) six; $14
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Would the answer to this be b or a ?
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Table 8.7
Number of
Fruit Baskets
TFC
TVC
TC
MC
$50
$0
$50
1
50
10
60
10
50
15
65
50
21
71
4
50
31
81
10
50
46
96
15
6.
50
68
118
22
1) Only for this question refer to table 8.7 (above) . Assume that fruit baskets are sold in a
perfectly competitive market. The market price of a fruit basket is $22. To maximize profits,
Exotic Fruit should sell
fruit baskets and their profit is
A) three; $5
B) four; $7
C) five; $14
D) six; $14
2) If a firm is producing where MR > MC
A) the revenue gained by producing one more unit of output exceeds the cost incurred by doing
so.
B) the revenue gained by producing one more unit of output equals the cost incurred by doing so.
C) the revenue gained by producing one more unit of output is less than the cost incurred by
doing so
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