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Question 1
Suppose that the price of Apples is `$3`. In addition, suppose that the firm's total costs are `$26` and that the firm currently sells `50` Apples.

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

 

Suppose that the price of Avocados is `$4`. In addition, suppose that the firm's total costs are `$41` and that the firm currently sells `20` Avocados.

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

 

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
104050
208062
3012071
4016080
5020089
60240100
70280130
80320200

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

 

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, what are this firm's profits if it chooses to produce `70` avocados?

 

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

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

Given this data, complete the table:

 Quantity of oranges  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!