Table #1: The following table presents cost and revenue information for Soper\'s
ID: 1114928 • Letter: T
Question
Table #1: The following table presents cost and revenue information for Soper's Port Vineyard Output Total Marginal Cost Quantity Price Total Revenue Marginal Produced Cost Demanded Revenue 100 XXXXXXXXXXX 150 202 257 317 385 465 562 S68 $68 $68 S68 S68 S68 S68 S68 S68 2 5 5 6 8 682 Fill up the blank entries of table #1 before answering questions 4-7 4 Consumers are willing to pay $68 per unit of port wine. What is the total revenue from selling 5 units? Refer to Table #1 a. $340 b. $720 c. $820 d.$840 nit? 5. Refer to Table #1 Consumers are willing to pay S68 per unit of port wine what is the marginal revenue from selling the 3rd a. $68. b. $80 c. $100. d. $120 6. Refer to Table #1 a. $68 Consumers are willing to pay $68 per unit of port wine. What is the average revenue when 6 units are sold? b. $80. c. $100. d. $120 RMUNNICHAExplanation / Answer
4. Total revenue = Price x Quantity
Price = $68
TR = 68*5 = $340
a) $340
Note : Chegg discourages multiple questions. Post the questions seperately.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.