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ID: 1151627 • Letter: P
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? C ? Secure https://online.hfcc.edu/mod/quiz/attempt.php?attempts775721&page-6;#q40 36 11 37 Question 32 Flag question Not yet answered Points out o 43 44 Output (Bushels of Barley) 10 bushels 20 bushels 30 bushels 40 bushels Marginal Cost(Dollars) $0.30 0.60 $0.90 $1.20 Finish atter Refer to the table above, which gives Time left C0 Farmer McColl's marginal cost function for barley. If Farmer McColl is currently producing 25 bushels of barley, which of the following could be the market price for a bushel of barley? Select one: a. $7.50. o b. $18.75 c, $1.88 d. $0.75. Question 33 P Flag question Not yet answered Points out o Which of the following is NOT among the common arguments for protection? Select one: a. Trade can be disruptive to sectors of society facing foreign competition for the first time, as with small towns built around aExplanation / Answer
Answer is d. 0.75
Explanation:
Marginal cost function = 0.03 Q
(as the $030 is increasing for every 10 bushels)
Hence, the equilibrium point, marginal revenue must be equal to marginal cost.
Therefore, price for 25 bushels equal to marginal cost at 25 bushels which is computed as $0.75
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