Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a perfectly comp wreaths. Christina's Costs and Revenue Quantity (wreaths) Average Variable Cost (dollars) Average Total Cost (dollars) Marginal Cost (dollars) Marginal Revenue (dollars) 5 $20.00 $25.00 $20.00 $64.00 18.00 22.00 22.00 64.00 7 24.00 28.00 64.00 64.00 8 29.00 32.00 60.00 64.00 36.00 39.00 95.00 64.00 10 49.00 52.00 169.00 64.00 Instructions: In part a, enter your answer as a whole number. In parts b and c, round your answers to two decimal pla a. What is the profit-maximizing level of output for Christina's Christmas Wreaths? wreaths b. What is the profit per unit if the profit-maximizing level of output is produced? 2$ c. What is the total economic profit generated by producing the profit-maximizing output? 2$
Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a perfectly comp wreaths. Christina's Costs and Revenue Quantity (wreaths) Average Variable Cost (dollars) Average Total Cost (dollars) Marginal Cost (dollars) Marginal Revenue (dollars) 5 $20.00 $25.00 $20.00 $64.00 18.00 22.00 22.00 64.00 7 24.00 28.00 64.00 64.00 8 29.00 32.00 60.00 64.00 36.00 39.00 95.00 64.00 10 49.00 52.00 169.00 64.00 Instructions: In part a, enter your answer as a whole number. In parts b and c, round your answers to two decimal pla a. What is the profit-maximizing level of output for Christina's Christmas Wreaths? wreaths b. What is the profit per unit if the profit-maximizing level of output is produced? 2$ c. What is the total economic profit generated by producing the profit-maximizing output? 2$
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 23RQ: What two lines on a cost curve diagram intersect at the shutdown point?
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