Answered: $A d 5 Bushels of corn Price per bushel

Business

Economics

$A d 5 Bushels of corn Price per bushel

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 13CTQ: Think back to a purchase that you made recently. How would you describe your thinking before you...

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Question

Refer to the figure below to answer the questions.

1.1) This corn producer produces 100 bushels of corn and sells each bushel at RM5. The cost of producing each bushel is RM2. This corn producer's total revenue is ________ and profit is ________. (1M)

1.2) This corn producer earns a total revenue of RM900. Each bushel of corn is sold for RM5. This corn producer must be selling ________ bushels of corn. (1M)

1.3) A corn producer's profit is RM200 and is producing 100 bushels of corn. Then he must have a cost per bushel of __________. (1M)

1.4) A corn producer produces 80 bushels of corn and sells each bushel at RM5. The cost of producing each unit bushel is RM2. This corn producer's total revenue is ________ and profit is ________. (1M)

1.5) A corn producer's total revenue is RM1,000. If she sells each bushel of corn for RM5, she must be selling ________ bushels of corn. (1M)

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