« previous next »

Author Question: Jimmy grows corn. His total revenue and total cost are in the above table. What quantity of corn ... (Read 152 times)

Charlie

  • Hero Member
  • *****
  • Posts: 640
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

  • Sr. Member
  • ****
  • Posts: 343
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

People often find it difficult to accept the idea that bacteria can be beneficial and improve health. Lactic acid bacteria are good, and when eaten, these bacteria improve health and increase longevity. These bacteria included in foods such as yogurt.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Each New DNA Strand Grows from Its 5' End to Its 3' End Each New DNA Strand Grows from Its 5' End to Its 3' End
Jimmy, the orangutan Jimmy, the orangutan
Total body water (TBW) Total body water (TBW)
Good body mechanics when facing the table directly. A. Head and back in alignment. B. Legs and feet ... Good body mechanics when facing the table directly. A. Head and back in alignment. B. Legs and feet ...
ANOVA Table ANOVA Table
What is the total resistance of the circuit in Figure 1? 150 What is the total resistance of the circuit in Figure 1? 150
Video: Premenstrual Syndrome

For a complete list of videos, visit our video library