Try another version of these questions

Question 1
Suppose that the price of Apples is $3. In addition, suppose that the firm's total costs are $1 and that the firm currently sells 90 Apples.

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

 

Hint


Question 2
Suppose that the price of Pineapples is $3. In addition, suppose that the firm's total costs are $47 and that the firm currently sells 70 Pineapples.

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

 

Hint




Question 3

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
0030
103050
206062
309071
4012080
5015089
60180100
70210130
80240200

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

 

Hint


Question 4

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

Quantity of applesTotal RevenueTotal Costs
0010
106030
2012040
3018060
4024090
50300130
60360180
70420240
80480310

Given this data, what are this firm's profits if it chooses to produce 20 apples?

 

 

Hint


Question 5

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

Quantity of applesTotal RevenueTotal Costs
0010
103030
206040
309060
4012090
50150130
60180180
70210240
80240310

Given this data, complete the table:

 Quantity of apples  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