(Table: Barrels of Oil 2) Refer to the table. What is the marginal revenue of producing the fifth barrel of oil? Barrel of Oil Produced Total Revenue Total Cost Price 1 $50 $4 $50 2345 2 100 10 50 3 150 21 50 200 38 50 250 61 50 6 300 90 50

(Table: Barrels of Oil 2) Refer to the table. What is the marginal revenue of producing the fifth barrel of oil? Barrel of Oil Produced Total Revenue Total Cost Price 1 $50 $4 $50 2345 2 100 10 50 3 150 21 50 200 38 50 250 61 50 6 300 90 50

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

(Table: Barrels of Oil 2) Refer to the table.
What is the marginal revenue of producing
the fifth barrel of oil?
Barrel of Oil
Produced
Total Revenue
Total Cost
Price
1
$50
$4
$50
10
234567896
100
10
50
150
21
50
200
38
50
250
61
50
300
90
50
350
126
50
400
176
50
450
266
50
500
390
50
61
50
200
250

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