Profit

Question 1

Use the information presented in the scenario and the drop-down menus to answer these questions.

Revolt · Accepted Answer

Ed's revenue from selling his most popular arrangement is .: $45; Ed's total production costs for one flower arrangement are .: $22; Ed's profit on each arrangement is .: $23

Question 2

Jim's Widgets creates mechanical tools that are used in factories.

Revolt · Accepted Answer

The profit when the company makes five widgets is .: $17; To maximize profit, the company should produce widgets per day.: six

Question 3

Use the information shown in the chart and the drop-down menus to answer these questions.

Revolt · Accepted Answer

✔ $1.00; The marginal cost to produce the first pie is .: $1.00; The marginal cost for producing the fourth pie is .: $0.50; The difference in marginal cost between the production of the second pie and the seventh pie is .: $2.25

Question 4

X $0.30✔ $0.50$2.25

Revolt · Accepted Answer

✔ $0.50

Question 5

✔ $2.25X $2.75$3.25

Revolt · Accepted Answer

✔ $2.25

Question 6

Jim's Widgets creates mechanical tools that are used in factories.

Revolt · Accepted Answer

✔ $17; The profit when the company makes five widgets is .: $17; To maximize profit, the company should produce widgets per day.: six; The company's profits would decrease by if the company made seven widgets.: $17

Question 7

five✔ six seven

Revolt · Accepted Answer

✔ six

Profit Answers

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