The following table presents the expected costs, revenue, and profit schedules for the Tucker Tomato Farm. Refer to the table to answer the questions that follow. Output 0 1 2 3 4 5 6 7 8 9 10 Total Cost ($ Per Ton) $100 $400 $500 $700 $1,000 $1,400 $1,900 $2,550 $3,200 $4,500 $5,800 Marginal Cost AAAA $300 $100 $200 $300 $400 $500 $650 $650 $1,300 $1,300 Average Variable Cost $300 $200 $200 $225 $260 $300 $350 $388 $489 $570 Average Total Cost $400 $250 $233 $250 $280 $317 $364 $400 $500 $580 Profit at $500 per ton -$100 $100 $500 $800 $1,000 $1,100 $1,100 $950 $800 $0 -$800 In order to maximize profits, when the price of tomatoes is $500, the Tuckers will produce $ In order to maximize profits, when the price of tomatoes is $400 the Tuckers will produce $ Assuming they choose produce, when the price of tomatoes is $300 the Tuckers will produce Profit at $400 per ton -$100 $0 $300 $500 $600 $600 $500 $250 $0 -$900 -$1,800 Profit at $300 per ton -$100 -$100 $100 $200 $200 $100 -$100 -$450 -$800 -$1,800 -$2,800 tons of tomatoes and make a tons of tomatoes and make a tons of tomatoes and make a of of of

The following table presents the expected costs, revenue, and profit schedules for the Tucker Tomato Farm. Refer to the table to answer the questions that follow. Output 0 1 2 3 4 5 6 7 8 9 10 Total Cost ($ Per Ton) $100 $400 $500 $700 $1,000 $1,400 $1,900 $2,550 $3,200 $4,500 $5,800 Marginal Cost AAAA $300 $100 $200 $300 $400 $500 $650 $650 $1,300 $1,300 Average Variable Cost $300 $200 $200 $225 $260 $300 $350 $388 $489 $570 Average Total Cost $400 $250 $233 $250 $280 $317 $364 $400 $500 $580 Profit at $500 per ton -$100 $100 $500 $800 $1,000 $1,100 $1,100 $950 $800 $0 -$800 In order to maximize profits, when the price of tomatoes is $500, the Tuckers will produce $ In order to maximize profits, when the price of tomatoes is $400 the Tuckers will produce $ Assuming they choose produce, when the price of tomatoes is $300 the Tuckers will produce Profit at $400 per ton -$100 $0 $300 $500 $600 $600 $500 $250 $0 -$900 -$1,800 Profit at $300 per ton -$100 -$100 $100 $200 $200 $100 -$100 -$450 -$800 -$1,800 -$2,800 tons of tomatoes and make a tons of tomatoes and make a tons of tomatoes and make a of of of

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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