Look at Table 8.13. What would happen to the firm’s profits if the market price increases to $6 per pack of raspberries?QuantityTotal CostFixed CostVariable CostTotal RevenueProfit0$62$62-$0−$6210$90$62$28$60−$3020$110$62$48$120$1030$126$62$64$180$5440$144$62$82$240$9650$166$62$104$300$13460$192$62$130$360$16870$224$62$162$420$19680$264$62$202$480$21690$324$62$262$540$216100$404$62$342$600$196Table8.13

The marginal cost can be calculated by sing the formula given below:

Answered: ook at Table 8.13. What would happen to…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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Look at Table 8.13. What would happen to the firm’s profits if the market price increases to $6 per pack of raspberries?

Quantity	Total Cost	Fixed Cost	Variable Cost	Total Revenue	Profit
0	$62	$62	-	$0	−$62
10	$90	$62	$28	$60	−$30
20	$110	$62	$48	$120	$10
30	$126	$62	$64	$180	$54
40	$144	$62	$82	$240	$96
50	$166	$62	$104	$300	$134
60	$192	$62	$130	$360	$168
70	$224	$62	$162	$420	$196
80	$264	$62	$202	$480	$216
90	$324	$62	$262	$540	$216
100	$404	$62	$342	$600	$196

Table8.13

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