EBK ECONOMICS
13th Edition
ISBN: 8220106799642
Author: PARKIN
Publisher: PEARSON
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Question
Chapter 14, Problem 12APA
To determine
Identify the values of profit-maximizing output,
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Paulina sells beef in a competitive market where the price is $8 per pound. Her total revenue and total costs are given in the table
below.
Quantity of Total revenue Total cost
beef (lb.)
0
1
2
3
4
($)
0
8
16
24
32
($)
4
8
13
19
27
Profit ($)
0
8
pounds
Marginal
revenue ($)
c. What is the profit-maximizing (or loss-minimizing) quantity?
Marginal Marginal
cost ($) profit ($)
a. Complete the table.
Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in
front of those numbers.
b. At what quantity does marginal revenue equal marginal cost?
pounds
A
Marginal Cost is equal to Marginal Revenue when Price= $13 and Quantity= 350, which is the profit-maximizing price.
Chapter 14 Solutions
EBK ECONOMICS
Ch. 14.1 - Prob. 1RQCh. 14.1 - Prob. 2RQCh. 14.1 - Prob. 3RQCh. 14.2 - Prob. 1RQCh. 14.2 - Prob. 2RQCh. 14.2 - Prob. 3RQCh. 14.2 - Prob. 4RQCh. 14.2 - Prob. 5RQCh. 14.3 - Prob. 1RQCh. 14.3 - Prob. 2RQ
Ch. 14.3 - Prob. 3RQCh. 14.3 - Prob. 4RQCh. 14.3 - Prob. 5RQCh. 14 - Prob. 1SPACh. 14 - Prob. 2SPACh. 14 - Prob. 3SPACh. 14 - a. Do you expect other firms to enter the Web...Ch. 14 - Prob. 5SPACh. 14 - Prob. 6SPACh. 14 - Prob. 7SPACh. 14 - Prob. 8SPACh. 14 - Prob. 9SPACh. 14 - Prob. 10APACh. 14 - Prob. 11APACh. 14 - Prob. 12APACh. 14 - Prob. 13APACh. 14 - Prob. 14APACh. 14 - Prob. 15APACh. 14 - Prob. 16APACh. 14 - Prob. 17APACh. 14 - Prob. 18APACh. 14 - Prob. 19APACh. 14 - Prob. 20APACh. 14 - Womens Golf Clubs A quarter of golfers today are...Ch. 14 - Prob. 22APACh. 14 - Prob. 23APACh. 14 - Prob. 24APACh. 14 - Prob. 25APACh. 14 - Prob. 26APACh. 14 - Prob. 27APACh. 14 - Prob. 28APACh. 14 - Prob. 29APA
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