Use the table to answer the question. If the MR = $5.00, what is the profit-maximizing quantity and profit amount? Spinach (pounds) Marginal Cost (MC) (dollars) Average Total Cost (ATC) (dollars)10 $1.50 $15.0020 1.00 8.0030 1.50 6.0040 2.00 5.0050 2.50 4.6060 3.00 4.3070 3.50 4.1080 4.00 4.0090 5.00 4.10100 5.50 4.30Multiple choice question.40 units, Profit = $20090 pounds, Profit = $8140 units, Profit = $12090 pounds, Profit = $450

The following table shows the revenue and costs of a Parrot farmer in a perfectly competitive industry. Table 1 Quantity of Parrots harvested: 0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 Total Revenue ($): 0, 10, 20, 30, 40, 50, 60, 70, 80, 90, 100 Total Cost ($): 3, 5, 9, 15, 23, 33, 45, 59, 75, 94, 115 MR: MC: a) Fill in the values for MR and MC in Table 1 b) How much is total fixed cost for this Parrot farmer? Why? c) If the farmer chooses to maximise profit, what would marginal cost be equal to and what would be the ‘range’ for the appropriate output level? Why? d) What is the maximum profit available to this farmer’s firm? e) If the market price of Parrots fell below $10 in the market then what should the farmer do in the short run? What about the long run?

Barbara has estimated the demand and marginal revenue for her product.They are P = 84 - 2Q (quantity) and MR = 84 - 4Q, respectively.She also experiences a constant marginal cost of $16.What is Barbara’s profit-maximising quantity and price?Question 4Answera.Q = 12; P = $50b.Q = 12; P = $40c.Q = 17; P = $50d.Q = 17; P = $40

The profit maximizing level of output for the firm is whereSelected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.amarginal revenue (MR) exceeds marginal cost (MC) by the greatest possible amount.bmarginal revenue(MR) equals marginal cost (MC) for the last unit produced.caverage revenue (AR) equals average total cost (ATC) for the last unit produced.dmarginal revenue (MR) equals the minimum point of the average variable cost (AVC) curve.

In a perfectly competitive market, assume the market price is $10 per unit, and the profit-maximizing quantity is 45 units. If the ATC at 45 units is $8, the profit/loss amount at the profit-maximizing quantity is ______.Multiple choice question.$450$90$100$180

Multiple Choice QuestionIn order to Blank______ profit, a firm will purchase or hire a resource in an amount up to the point at which the resource's marginal revenue product equals its marginal resource cost (MRP=MRC).Multiple choice question.maximizeincreaseminimizestabilize