(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

ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter14: Transaction Costs, Asymmetric Information, And Behavioral Economics
Section: Chapter Questions
Problem 1.1P
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(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
Transcribed Image Text:(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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