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Question 1
Suppose that the price of Jackets is $1. In addition, suppose that the firm's total costs are $5 and that the firm currently sells 20 Jackets.

Given this information, what is this firm's total revenue?

 

Hint


Question 2
Suppose that the price of Pineapples is $4. In addition, suppose that the firm's total costs are $49 and that the firm currently sells 120 Pineapples.

Given this information, what is this firm's profits?

 

Hint




Question 3

The table below shows data for the production of Avocados for an individual firm operating in a perfectly competitive market.

Quantity of AvocadosTotal RevenueTotal Costs
0030
103050
206062
309071
4012080
5015089
60180100
70210130
80240200

Given this data, what is the per unit price of Avocados?

 

Hint


Question 4

The table below shows data for the production of pineapples for an individual firm operating in a perfectly competitive market.

Quantity of pineapplesTotal RevenueTotal Costs
0010
104030
208040
3012060
4016090
50200130
60240180
70280240
80320310

Given this data, what are this firm's profits if it chooses to produce 80 pineapples?

 

 

Hint


Question 5

The table below shows data for the production of avocados for an individual firm operating in a perfectly competitive market.

Quantity of avocadosTotal RevenueTotal Costs
0010
104030
208040
3012060
4016090
50200130
60240180
70280240
80320310

Given this data, complete the table:

 Quantity of avocados  Profit
0
10
20
30
40
50
60
70
80


At what quantity does this firm maximize its profit?

NOTE: If there are two quantities with the same level of profits, pick the larger of the two quantities!



Hint