The above table gives Amy\'s total cost schedule for producing holiday wreaths.

Question

The above table gives Amy's total cost schedule for producing holiday wreaths. Amy is a perfectcompetitor and can sell each wreath for $9.

a) Complete the table by calculating Amy's total revenue and her profit or loss schedule.

b) When Amy is producing 4 wreaths, what is her total cost? What is her total revenue? What is hereconomic profit or economic loss?

c) What number of wreaths maximizes Amy's profit

The above table gives Amy's total cost schedule for producing holiday wreaths. Amy is a perfectcompetitor and can sell each wreath for $9. a) Complete the table by calculating Amy's total revenue and her profit or loss schedule. b) When Amy is producing 4 wreaths, what is her total cost? What is her total revenue? What is hereconomic profit or economic loss? c) What number of wreaths maximizes Amy's profit

Explanation / Answer

0 1 0 -1 1 10 9 -1 2 18 18 0 3 24 27 3 4 28 36 8 5 33 45 12 6 40 54 14 7 49 63 14 8 60 72 12 9 73 81 8 (b) fours wreaths cost her $28. Her total revenue is 4*$9 = $36. Her economic profit is $8 c) if she sells 6 wreaths, she has a profit of $14. This is the same profit as if she sells seven wreaths, but with six, she only needs to make six wreaths, so it is better for her.

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