What is the marginal profit for the 3rd unit of output?
Price Quantity Marginal Revenue Marginal Cost Marginal Profit
$12 0 X X X
12 1 $12 $3 $9
12 2 12 6 6
12 3 __ 9 __
12 4 __ 12 __
12 5 __ 15 __
12 6 __ 18 __
a. $6
b. $3
c. $0
d. $-3
What is the marginal profit for the 3rd unit of output?
Price Quantity Marginal Revenue Marginal Cost Marginal Profit
$12 0 X X X
12 1 $12 $3 $9
12 2 12 6 6
12 3 __ 9 __
12 4 __ 12 __
12 5 __ 15 __
12 6 __ 18 __
|
a. $6 |
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|
b. $3 |
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|
c. $0 |
||
|
d. $-3 |
Related textbook solutions
Related questions
Q7
Marginal cost is
| a. |
total revenue divided by the quantity of output. |
|
| b. |
total profit minus total costs. |
|
| c. |
the change in total cost brought about by selling an additional unit of the good. |
|
| d. |
the change in total revenue brought about by selling an additional unit of the good. |
|
| e. |
the change in total revenue minus the change in total costs. |
4 points
Q8
[Table 1] The dollar amounts that go in blanks (A) and (B) are, respectively,
Table-1
|
(1) |
(2) |
(3) |
|
|
Quantity Sold |
Marginal Revenue |
|
$10 |
10 |
|
|
$10 |
11 |
(A) |
|
$10 |
12 |
(B) |
|
$10 |
13 |
(C) |
|
$10 |
14 |
(D) |
| a. |
$11 and $11. |
|
| b. |
$10 and $10. |
|
| c. |
$10 and $11. |
|
| d. |
$11 and $12. |
4 points
Q9
[Table 1] The dollar amounts that go in blanks (C) and (D) are, respectively,
Table-1
|
(1) |
(2) |
(3) |
|
|
Quantity Sold |
Marginal Revenue |
|
$10 |
10 |
|
|
$10 |
11 |
(A) |
|
$10 |
12 |
(B) |
|
$10 |
13 |
(C) |
|
$10 |
14 |
(D) |
| a. |
$11 and $11. |
|
| b. |
$10 and $10. |
|
| c. |
$10 and $11. |
|
| d. |
$11 and $12. |
4 points
Q10
[Table 1] The demand curve facing the firm represented by the information in this table is
Table-1
|
(1) |
(2) |
(3) |
|
|
Quantity Sold |
Marginal Revenue |
|
$10 |
10 |
|
|
$10 |
11 |
(A) |
|
$10 |
12 |
(B) |
|
$10 |
13 |
(C) |
|
$10 |
14 |
(D) |
| a. |
downward-sloping. |
|
| b. |
upward-sloping. |
|
| c. |
horizontal. |
|
| d. |
vertical. |
4 points
Q11
[Table 2] The dollar amounts that go in blanks (E) is:
Table 2
|
-1 |
-2 |
-3 |
-4 |
-5 |
-6 |
-7 |
|
Quantity Sold |
Marginal Revenue |
Marginal |
Total |
Total |
Profit |
|
|
Price |
Cost |
Cost |
Revenue |
|||
|
$10 |
10 |
80 |
$100 |
$20 |
||
|
$10 |
11 |
(A) |
8 |
88 |
$110 |
$22 |
|
$10 |
12 |
(B) |
(E) |
97 |
(G) |
(I) |
|
$10 |
13 |
(C) |
(F) |
107 |
(H) |
(J) |
|
$10 |
14 |
(D) |
11 |
118 |
$140 |
$22 |
| a. |
$8 |
|
| b. |
$9 |
|
| c. |
$10 |
|
| d. |
$11 |
4 points
Q12
[Table 2] The dollar amounts that go in blanks (F) is:
Table 2
|
-1 |
-2 |
-3 |
-4 |
-5 |
-6 |
-7 |
|
Quantity Sold |
Marginal Revenue |
Marginal |
Total |
Total |
Profit |
|
|
Price |
Cost |
Cost |
Revenue |
|||
|
$10 |
10 |
80 |
$100 |
$20 |
||
|
$10 |
11 |
(A) |
8 |
88 |
$110 |
$22 |
|
$10 |
12 |
(B) |
(E) |
97 |
(G) |
(I) |
|
$10 |
13 |
(C) |
(F) |
107 |
(H) |
(J) |
|
$10 |
14 |
(D) |
11 |
118 |
$140 |
$22 |
| a. |
$8 |
|
| b. |
$9 |
|
| c. |
$10 |
|
| d. |
$11 |
| 4. Complete the following cost schedules: | ||||||
| Quantity | TC | ATC | MC | |||
| 0 | 9 | xxx | xxx | |||
| 1 | 12 | 12 | 3 | |||
| 2 | 16 | 8 | 4 | |||
| 3 | 21 | 7 | 5 | |||
| 4 | 30 | 7.5 | 9 | |||
| 5 | 40 | 8 | 10 | |||
| 6 | 52 | 8.66 | 12 | |||
| 7 | 66 | 9.42 | 14 | |||
| Assuming the price of this product is $10, at what output rate is | ||||||
| ( a ) Total revenue maximized? | ||||||
| ( b ) ATC minimized? | ||||||
| ( c ) Profit per unit maximized? | ||||||
| ( d ) Total profit maximized? | ||||||
