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Author Question: Pete is a perfectly competitive rose grower. The above table gives quantities and the price for ... (Read 110 times)

bobbie

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on: Jun 29, 2018
Pete is a perfectly competitive rose grower. The above table gives quantities and the price for which Pete can sell his roses.
 
  a) What is Pete's total revenue if he sells 1 dozen roses? 2 dozen roses? 3 dozen roses? 4 dozen roses? b) What is the marginal revenue of the 2nd dozen roses sold? Of the 3rd dozen? Of the 4th dozen?

Question 2

The present value of a future sum of money is the amount that, if invested today, will grow
 
  A) as large as that future sum, given the interest rate.
  B) at a constant rate forever.
  C) as large as that future sum, less taxes payable.
  D) as large as that future sum, if the interest rate is zero.


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ryrychapman11

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

a) The total revenue when 1 dozen roses is sold is 12. When Pete sells 2 dozen roses, the total revenue is 24. When 3 dozen roses are sold, the total revenue is 36. And the total revenue when 4 dozen roses are sold is 48.
b) The marginal revenue is always 12 per dozen roses.

Answer to Question 2

A


bobbie

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

vickybb89

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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