« previous next »

Author Question: Jimmy grows corn. His total revenue and total cost are in the above table. What quantity of corn ... (Read 111 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?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Did you know?

In most climates, 8 to 10 glasses of water per day is recommended for adults. The best indicator for adequate fluid intake is frequent, clear urination.

Did you know?

When blood is deoxygenated and flowing back to the heart through the veins, it is dark reddish-blue in color. Blood in the arteries that is oxygenated and flowing out to the body is bright red. Whereas arterial blood comes out in spurts, venous blood flows.

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

Modern Corn Was Domesticated from the Wild Grass Teosinte Modern Corn Was Domesticated from the Wild Grass Teosinte
Periodic Table Periodic Table
Assist recipient into side-lying position. Woman sits on edge of table holding drape to cover her ... Assist recipient into side-lying position. Woman sits on edge of table holding drape to cover her ...
How to create a table of values displaying commission and earnings (Question 2) How to create a table of values displaying commission and earnings (Question 2)
table 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: Summary of female reproductive cycle days 1-28

For a complete list of videos, visit our video library