« previous next »

Author Question: Jimmy grows corn. His total revenue and total cost are in the above table. What quantity of corn ... (Read 147 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?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

HIV testing reach is still limited. An estimated 40% of people with HIV (more than 14 million) remain undiagnosed and do not know their infection status.

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

Did you know?

The tallest man ever known was Robert Wadlow, an American, who reached the height of 8 feet 11 inches. He died at age 26 years from an infection caused by the immense weight of his body (491 pounds) and the stress on his leg bones and muscles.

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Georgia governor Jimmy Carter and President Gerald Ford debate in 1976. The campaign featured ... Georgia governor Jimmy Carter and President Gerald Ford debate in 1976. The campaign featured ...
Infant formula is available in several forms and varies in cost and ingredients Infant formula is available in several forms and varies in cost and ingredients
Response of corn selected for high and low oil content over 76 generations Response of corn selected for high and low oil content over 76 generations
Opener Pigment mutations within an ear of corn, caused by transposition of the Ds element Opener Pigment mutations within an ear of corn, caused by transposition of the Ds element
Letter Frequency Table Letter Frequency Table
Calculate the weighted-average cost of the following inventory purchases:DateQuantity ... Calculate the weighted-average cost of the following inventory purchases:DateQuantity ...
Video: Double Vacuum Process (Illustration No Audio)

For a complete list of videos, visit our video library