COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Pric
ID: 1178360 • Letter: C
Question
COSTS
REVENUES
Quantity
Produced
Total
Cost
Marginal
Cost
Quantity
Demanded
Price
Total
Revenue
Marginal
Revenue
0
$0
--
0
$80
--
1
$50
1
$80
2
$102
2
$80
3
$157
3
$80
4
$217
4
$80
5
$285
5
$80
6
$365
6
$80
7
$462
7
$80
8
$582
8
$80
$25
$75
$115
$225
Bill%u2019s Birdhouses
COSTS
REVENUES
Quantity
Produced
Total
Cost
Marginal
Cost
Quantity
Demanded
Price
Total
Revenue
Marginal
Revenue
0
$0
--
0
$80
--
1
$50
1
$80
2
$102
2
$80
3
$157
3
$80
4
$217
4
$80
5
$285
5
$80
6
$365
6
$80
7
$462
7
$80
8
$582
8
$80
Refer to Table 14-12. What is Bill's economic profit at the profit-maximizing output level? (Points : 5)
Explanation / Answer
At sixth level max profit is earned
profit= $ 80*6- $365
=$ 115
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