Profit

Question 1

Using this table, calculate the marginal cost of each of these quantities of bikes. The first bike: $ ⇒ 80 The fourth bike: $ The sixth bike: $ The seventh bike: $

Revolt · Accepted Answer

⇒ 80: 36093; Part 2: 20; Part 3: 50; Part 4: 60

Question 2

This graph shows the marginal cost of producing each bike. Select the correct answer from the options available.Based on this graph, which bike has a marginal cost of $20?

Revolt · Accepted Answer

D: Bike 4

Question 3

Using this table, calculate the profit at each level of bicycle production. One bike: -$ Two bikes: $ Three bikes: $ Four bikes: $ Five bikes: $ Six bikes: $ Seven bikes: $

Revolt · Accepted Answer

Part 1: 30; Part 2: 3; Part 3: 40; Part 4: 70; Part 5: 90; Part 6: 90; Part 7: 80

Question 4

Question 4

Revolt · Accepted Answer

17162

Question 5

Which of these arguments did you include in your response? Check all that apply.

Revolt · Accepted Answer

A: Profit is maximized when marginal revenue equals marginal cost.; B: Profit is maximized when five or six bikes are made each day.; C: Profit declines when more than six bikes are produced each day.

Question 6

Question 6

Revolt · Accepted Answer

When the market price of bikes increases from $50 to $60, the marginal revenue for each unit sold also increases to $60. According to the profit-maximization rule, the company will increase production to the point where the marginal cost equals the new price of $60. Because the price is higher and the quantity produced has increased, the company's total profit will rise.

Question 7

Question 7

Revolt · Accepted Answer

20

Question 8

Question 8

Revolt · Accepted Answer

3

Question 9

Which of these ideas did you include in your response? Check all that apply.

Revolt · Accepted Answer

AssessCtrle187ce00-bc13-11e2-9102-bc764e043e0c_6805,AssessCtrle187ce00-bc13-11e2-9102-bc764e043e0c_6806,AssessCtrle187ce00-bc13-11e2-9102-bc764e043e0c_6807

Question 10

Question 10

Revolt · Accepted Answer

50

Profit Answers

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