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Author Question: Jimmy grows corn. His total revenue and total cost are in the above table. What quantity of corn ... (Read 158 times)

Charlie

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on: Jun 29, 2018
Jimmy grows corn. His total revenue and total cost are in the above table. What quantity of corn maximizes his profit and what is his profit? What is the marginal revenue and marginal cost at this quantity?
 
  What will be an ideal response?

Question 2

The process of converting a future amount of money into its value today is called
 
  A) trending.
  B) depreciation.
  C) discounting.
  D) compounding.


trog

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Jimmy's profit is greatest if he grows either 40,000 or 50,000 bushels of corn. His (economic) profit at either amount is 10,000 a week. Between 40,000 and 50,000 bushels of corn, Jimmy's marginal revenue is 30,000, or 3 per bushel and his marginal cost is 30,000, or 3 per bushel.

Answer to Question 2

C


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