Refer to Fig 9.4. At P = $24, If this farmer is producing profit maximizing level of output, her total profit is: MC АТС 24 P = MR 20 18 4 100 350 500 700 g Bales of hay Figure 9.4 A $0 B $2,000. C $1,000 D $3,000. Price %24

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abus ules Marginal Marginal Output Revenue Cost se Materials aw-Hill ct 012 $18 $4 $18 $6 $18 $10 3 $18 $18 4 $18 $26 $37 ns Resources 5 $18 Refer to the data in the accompanying table. If the firm's minimum average variable cost is $17, the firm's profit-maximizing level of output would be. p O 1 03 04 02 200m

6. No. of COWS (Head) 0 25 50 75 100 125 150 175 200 225 250 275 If the price of beef was $98.00 what is the optimum number of cows and the profit or loss at that number and price? Output (cwt. of beef) 0 104 220 322 413 494 568 629 676 710 730 737 Total Total Average Average Average Marginal Marginal Total Total Profit Cost Variable Fixed Revenue Revenue Fixed Total Cost Cost Costs Costs Cost 20,000 20,000 XXX XXX XXX 20,000 24,500 43.27 192.31 235.58 90.91 131.82 20,000 29,000 40.91 20,000 33,500 41.93 62.11 104.04 20,000 38,000 43.58 48.43 92.01 45.55 40.49 86.03 20,000 42,500 47,000 27,000 20,000 47.54 35.21 82.75 20,000 51,500 50.08 31.80 81.88 31,500 36,000 20,000 56,000 53.25 29.59 82.84 57.04 28.17 85.21 40,500 20,000 60,500 45,000 20,000 65,000 61.64 27.40 89.04 49,500 20,000 69,500 67.16 27.14 94.30 Total Variable Cost 0 4,500 9,000 13,500 18,000 22,500 Ans. Ans. XXX 43.27 38.79 44.12 49.45 55.56 60.81 73.77 95.74 132.35 225.00 642.86 98.00 98.00 98.00 98.00 98.00 98.00 98.00…