a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Choco Lovers Cost and Revenue Quantity TC MC MR AR of Gift Boxes ($) ($) ($) ($) 25 205 7 30 237 6.50 35 272 7 40 312 8 45 362 10 50 422 12

(A) The Marginal cost of a firm is $230 and the marginal revenue is $255 What would be the value of Marginal profit (B) is the firm maximizing its profit?

PRICE (dollars per unit) 2 QUANTITY PRICE OR COST (dollars per unit) QUANTITY MC ATC AVC MR Question 40 If the firm in the figure above raised the price of its product abvove $4, the firm would: a. increase its profits b. reduce its total revenue to zero c. increase its total revenue but not its profits because costs would increase. d. not affect revenues at all but profits would increase because costs decrease e. none of the above

B) $11,250,000 150 Ⓒ$15,750,000 (D) $11,000,000 130 110 90 70 50 Ford Field Capacity is 65,000 10000 30000 MC 50000 70000 MRL DL DH MRL and DL are for low-demand games. MRH and DH are for high-demand games. Based on the graph above, what is the total revenue for both games (high and low demand games) if the price is set at the high- demand price level? A $12,500,000 MRH

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The owner of a skating rink rents the rink for parties at $1200 if 60 or fewer skaters attend, so that the cost per person is $20 if 60 attend. For each 5 skaters above 60, she reduces the price per skater by $0.50. (a) Construct a table that gives the revenue generated if 60, 70, and 80 skaters attend. No. of skaters Total Revenue 60 70 80 Price per Skater $ $ $ (b) Does the owner's revenue from the rental of the rink increase or decrease as the number of skaters increases from 60 to 80? O The revenue increases. O The revenue decreases. (c) Write the equation that describes the revenue for parties with x groups of five skaters more than 60 skaters. R(x) = (d) Find the number of skaters that will maximize the revenue. skaters (e) Find the maximum revenue. $ (f) When the revenue is at the maximum possible, what price is paid per skater? $

Use the above figure. Total revenue at the profit-maximizing output is

QUESTION 10 PRODUCT product X product Y product Z Ob) 153 O c) 1.2 O d) 150 O e) 200 QUESTION 11 O (c) 30% O (d) 25% Ⓒ (e) 20% price: $2.00 quantity: 2,000 price: $1.00 1,000 quantity: price: quantity: PRODUCT product X QUESTION 12 1988 product Y product Z QUESTION 13 $5.00 1,000 $4.00 2,500 $1.00 1,500 10. Given the data in the above table, what is the price index for 1988, using 1988 as the base year and using the 1988 consumption pattern (market basket)? O a) 100 $4.00 1,000 quantity: 1989 price: $2.00 quantity: 2,000 1988 price: $1.00 1,000 price: $5.00 quantity: 1,000 YEAR 1990 $6.00 2,000 $1.00 2,500 $2.00 1,000 1989 $4.00 2,500 $1.00 1,500 $4.00 1,000 1991 $8.00 1,500 $1.00 3,000 11. What is the rate of inflation between 1988 and 1989? (Use 1988 based price indices and 1988 market basket) O (a) 50% O (b) 33% $3.00 1,000 YEAR 1990 $6.00 2,000 $1.00 2,500 $2.00 1,000 1991 $8.00 1,500 $1.00 3,000 $3.00 1,000 12. Which of the following is NOT a problem in using economic statistics?…

Price ($) 1000 500 300 0 300 500 Supply Demand What is the total cost of producing 300 iPads? 1000 Quantity

(a) What is the profit-maximizing level of output and how much daily profit will the producer below earn if the price of pizza is $ 2.50 per slice? MC S/lice ATC AVe 2.50 1.40 slices/day S70