Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 12, Problem 2SPA
(i)
To determine
Profit maximizing output and economic profit when the price is $14 per pizza.
(ii)
To determine
Profit maximizing output and economic profit when the price is $12 per pizza.
(iii)
To determine
Profit maximizing output and economic profit when the price is $10 per pizza.
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Paulina sells beef in a competitive market where the price is $8 per pound. Her total revenue and total costs are given in the table
below.
Quantity of Total revenue Total cost
beef (lb.)
0
1
2
3
4
($)
0
8
16
24
32
($)
4
8
13
19
27
Profit ($)
0
8
pounds
Marginal
revenue ($)
c. What is the profit-maximizing (or loss-minimizing) quantity?
Marginal Marginal
cost ($) profit ($)
a. Complete the table.
Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in
front of those numbers.
b. At what quantity does marginal revenue equal marginal cost?
pounds
A
20. Paulina sells beef in a competitive market where the price is $6 per pound. Her total revenue and total costs are given in the table below.
Fill out the table.
At what quantity does marginal revenue equal marginal cost?
What is the profit-maximizing quantity?
Chapter 12 Solutions
Macroeconomics
Ch. 12.1 - Prob. 1RQCh. 12.1 - Prob. 2RQCh. 12.1 - Prob. 3RQCh. 12.1 - Prob. 4RQCh. 12.2 - Prob. 1RQCh. 12.2 - Prob. 2RQCh. 12.2 - Prob. 3RQCh. 12.3 - Prob. 1RQCh. 12.3 - Prob. 2RQCh. 12.3 - Prob. 3RQ
Ch. 12.4 - Prob. 1RQCh. 12.4 - Prob. 2RQCh. 12.5 - Prob. 1RQCh. 12.5 - Prob. 2RQCh. 12.5 - Prob. 3RQCh. 12.6 - Prob. 1RQCh. 12.6 - Prob. 2RQCh. 12.6 - Prob. 3RQCh. 12.6 - Prob. 4RQCh. 12 - Prob. 1SPACh. 12 - Prob. 2SPACh. 12 - Prob. 3SPACh. 12 - Prob. 4SPACh. 12 - Prob. 5SPACh. 12 - Prob. 6SPACh. 12 - Prob. 7SPACh. 12 - Prob. 8SPACh. 12 - Prob. 9SPACh. 12 - Prob. 10APACh. 12 - Prob. 11APACh. 12 - Prob. 12APACh. 12 - Prob. 13APACh. 12 - Prob. 14APACh. 12 - Prob. 15APACh. 12 - Prob. 16APACh. 12 - Prob. 17APACh. 12 - Prob. 18APACh. 12 - Prob. 19APACh. 12 - Prob. 20APACh. 12 - Prob. 21APACh. 12 - Prob. 22APACh. 12 - Prob. 23APA
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