Krugman's Economics For The Ap® Course
3rd Edition
ISBN: 9781319113278
Author: David Anderson, Margaret Ray
Publisher: Worth Publishers
expand_more
expand_more
format_list_bulleted
Question
Chapter 53, Problem 3MCQ
To determine
The level of output where profit is maximized
Expert Solution & Answer
Explanation of Solution
Quantity | Total revenue | Total cost | Profit (TR-TC) |
0 | $0 | $14 | (0-14) = -14 |
1 | 18 | 30 | (18-30) = -12 |
2 | 36 | 36 | 0 |
3 | 54 | 44 | 10 |
4 | 72 | 56 | 16 |
5 | 90 | 72 | 18 |
6 | 108 | 92 | 16 |
7 | 126 | 116 | 10 |
On 5 level of output profit is maximized.
Therefore, the correct option is d.
Economics Concept Introduction
Introduction:
Profit is the difference between the total revenue and total cost.
Chapter 53 Solutions
Krugman's Economics For The Ap® Course
Knowledge Booster
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education