PART II: SHORT-ANSWER QUESTIONS (60 points) Read the question and given informat

Question

PART II: SHORT-ANSWER QUESTIONS (60 points) Read the question and given information carefully. Show all necessary steps and reasoning that lead to the answers. Question1 Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. COSTS REVENUES Marginal Revenue Revenue Total Quantity Produced Total Marginal Quantity Cost 100 150 202 257 317 385 465 562 682 Price 120 120 Cost Demanded 0 120 120 120 120 120 a. (40 points) Refer to Table 14-2. Fill out the columns of "Marginal Cost", "Marginal Revenue" and "Total Revenue"

Explanation / Answer

MC = (TC2-TC1)/(Q2-Q1)

TR = Q*P

MR = (TR2-TR1)/(Q2-Q1)

Costs Benefits Q TC MC Q P TR MR 0 100 0 120 0 1 150 50 1 120 120 120 2 202 52 2 120 240 120 3 257 55 3 120 360 120 4 317 60 4 120 480 120 5 385 68 5 120 600 120 6 465 80 6 120 720 120 7 562 97 7 120 840 120 8 682 120 8 120 960 120

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