R K COSTS AND REVENUE (Dollars per romper) 8 S 2 S QUANTITY (Rompers) ange points (square symbol) to plot Marginal Revenue Marginal Cost cost at each quantity. Iyana's profit is maximized when they produce a total of rompers. At this quantity, the marginal cost of the final romper they produce is , an amount than the price received for each romper they sell. At this point, the marginal cost of produding one more romper (the first romper beyond the profit maximizing quantity) is 5 an amount than the price received for each romper they sell. Therefore, Iyana's profit-maximizing quantity occurs at the point of intersection between the curves. Because Iyana is a price takes, the previous condition is equivalent to

What does mark-up pricing depend on? 1. Marginal cost 2. Average cost 3. Fixed cost 4. Total cost

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

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Calculate the value of marginal profit when marginal revenue Is $400 and the marginal cost is $230

Question 10 please solve

Calculate Rian's marginal revenue and marginal cost for the first seven rompers they produce, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity.

Hayfever Farms is an 80-acre hay farm in Colorado. The owners are considering changing the farm's name to Blissful Acres and growing strawberries instead of hay. Use the table of marginal cost (MC) and marginal revenue (MR) to answer two questions. Number of acres MC $ MR $ (hay) MR $ (strawberries) 10 320 730 5600 20 200 730 5600 30 540 730 5600 40 730 730 5600 50 1200 730 5600 60 3200 730 5600 70 5600 730 5600 80 6700 730 5600 If they continue to only grow hay, how many acres should Hayfever Farms devote to growing hay in order to maximize profits? acres of hay:   acres If the owners decide to only grow strawberries, how many acres should Blissful Acres devote to growing strawberries in order to maximize profits? acres of strawberries:

The data in the table represents annual costs and revenue for Aurora’s Orchid Emporium. Aurora works 60 hours a week at the Orchid Emporium. Aurora owns the building that houses the Orchid Emporium, and if she closed the shop, she could rent out the building for $40,000 per year go to work for Acme Flowers, and earn a salary of $30,000 per year. Calculate the economic profit and economic cost for Aurora’s Orchid Emporium. Are these figures the same as the accounting cost and accounting profit? Explain. Wages paid: $22,000 Interest Paid on Loans: $8,000 Other Expenditures for Factors: $26,000 of Production Total Revenue: $115,000.

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