ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
The following table presents the expected costs, revenue, and profit schedules for the Tucker Tomato
Farm.
Refer to the table to answer the questions that follow.
Output
0
HEMATO
1
2
3
4
5
6
7
8
9
10
Total
Cost
($ Per Marginal
Ton)
Cost
$500
$600
$650
$750
$900
$1,100
$1,350
$1,750
$2,300
$3,000
$3,900
$100
$50
True
False
$100
$150
$200
$250
$400
$550
$700
$900
Average
Variable
Cost
$100
$75
$83
$100
$120
$142
$179
$225
$278
$340
Average
Total
Cost
$600
$325
$250
$225
$220
$225
$250
$288
$333
$390
Profit at
$250 per
ton
-$500
-$350
- $150
$0
$100
$150
$150
$0
-$300
- $750
-$1,400
Profit at
$200 per
ton
-$500
-$400
-$250
-$150
-$100
-$100
-$150
-$350
-$700
-$1,200
- $1,900
Profit at
$150 per
ton
-$500
-$450
-$350
-$300
-$300
-$350
-$450
-$700
-$1,100
-$1,650
-$2,400
In order to maximize profits, when the price of tomatoes is $250, the Tuckers will produce
tons of tomatoes and make a
of
In order to maximize profits, when the price of tomatoes is $200 the Tuckers will produce
tons of tomatoes and make a
of
Assuming they choose produce, when the price of tomatoes is $150 the Tuckers will produce
tons of tomatoes and make a
of
True or False: When the price of tomatoes is $150 per ton, the Tuckers would prefer to shutdown rather
than produce in the short run.
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Transcribed Image Text:The following table presents the expected costs, revenue, and profit schedules for the Tucker Tomato Farm. Refer to the table to answer the questions that follow. Output 0 HEMATO 1 2 3 4 5 6 7 8 9 10 Total Cost ($ Per Marginal Ton) Cost $500 $600 $650 $750 $900 $1,100 $1,350 $1,750 $2,300 $3,000 $3,900 $100 $50 True False $100 $150 $200 $250 $400 $550 $700 $900 Average Variable Cost $100 $75 $83 $100 $120 $142 $179 $225 $278 $340 Average Total Cost $600 $325 $250 $225 $220 $225 $250 $288 $333 $390 Profit at $250 per ton -$500 -$350 - $150 $0 $100 $150 $150 $0 -$300 - $750 -$1,400 Profit at $200 per ton -$500 -$400 -$250 -$150 -$100 -$100 -$150 -$350 -$700 -$1,200 - $1,900 Profit at $150 per ton -$500 -$450 -$350 -$300 -$300 -$350 -$450 -$700 -$1,100 -$1,650 -$2,400 In order to maximize profits, when the price of tomatoes is $250, the Tuckers will produce tons of tomatoes and make a of In order to maximize profits, when the price of tomatoes is $200 the Tuckers will produce tons of tomatoes and make a of Assuming they choose produce, when the price of tomatoes is $150 the Tuckers will produce tons of tomatoes and make a of True or False: When the price of tomatoes is $150 per ton, the Tuckers would prefer to shutdown rather than produce in the short run.
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