Suppose you own a small business. Last month, your total revenue was $7,500. In addition, you paid $2,500 in monthly rent for office space, $300 in monthly rent for equipment, $1,750 to your workers in wages for the month, and $1,800 for the supplies you used that month. f you correctly determine that your economic profit last month was -$200, then it must be true that

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Suppose a feed mill is looking at their total revenue. If they receive $36 per sack of horse feed and $14 per sack of cattle feed, how much will their total revenue change if the mill increased the sacking of horse feed from 10,000 sacks to 20.000 sacks and decreased the sacking of cattle feed from 128,000 sacks to 119,000 sacks O Revenue will increase by $234,000 Revenue will decrease by $400.000 O Revenue will decrease by $184.000 O Revenue will increase by $250.000

Consider total cost and total revenue, given in the following table: In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.) Marginal Cost (Dollars) Total Cost Total Revenue Marginal Revenue (Dollars) Profit Quantity (Dollars) (Dollars) (Dollars) 10 14 13 21 4 17 28 24 35 32 42 42 49 In order to maximize profit, how many units should the firm produce? Check all that apply. 6. In the previous table, enter marginal revenue and marginal cost for each quantity. On the following graph, use the green points (triangle symbol) to graph the marginal-revenue curve, then use the orange points (square symbol) to plot the marginal-cost curve. (Note: Be sure to plot from left to right and to plot between integers. For example, if the marginal cost of increasing production from 1 unit to 2 units is $5, then you would plot a point at (1.5, 5).) 10 Marginal Revenue 00