An oil refinery produces one basetype of crude oil. The total cost isgiven by the equationTotal Cost, TC = 50,000 +20.2D+0.0001D². The sales price indollars per barrel is 35.At what level ofproduction in barrels/week iscost/barrel minimum?What is theminimum cost per barrel?What is themaximum weekly profit that thecompany can make?At what level ofproduction is the maximum weekly Al Wildl level viproduction in barrels/week iscost/barrel minimum?What is theminimum cost per barrel?What is themaximum weekly profit that thecompany can make?At what level ofproduction is the maximum weeklyprofit attainable?andOver what rangeof production is profit possible?Express answers in whole numbersand write the numerical values only.

An oil refinery produces one base type of crude oil. The total cost is given by the equation Total Cost, TC = 50,000+20.2D +0.0001D². The sales price in dollars per barrel is 35. At what level of production in barrels/week is cost/barrel minimum? What is the minimum cost per barrel? What is the maximum weekly profit that the company can make? At what level of production is the maximum weekly

An oil refinery produces one base type of crude oil. The total cost is given by the equation Total Cost, TC = 50,000+20.2D +0.0001D². The sales price in dollars per barrel is 35. At what level of production in barrels/week is cost/barrel minimum? What is the minimum cost per barrel? What is the maximum weekly profit that the company can make? At what level of production is the maximum weekly

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 8SQP

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show solution An oil refinery produces one base type of crude oil. The total cost is given by the equation Total Cost, TC = 50,000+20.2D +0.0001D2. The sales price in dollars per barrel is 35. At what level of production in barrels/week is cost/barrel minimum? What is the minimum cost per barrel? What is the maximum weekly profit that the company can make? At what level of production is the maximum weekly profit attainable? and Over what range of production is profit possible? Express answers in whole numbers and write the numerical values only.
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