1.)The price the individual farmer will charge for a bushel of wheat when it max
ID: 1204560 • Letter: 1
Question
1.)The price the individual farmer will charge for a bushel of wheat when it maximizes its profit is $...
2.) The marginal revenue (MR) the individual farmer will receive for a bushel of wheat when it maximizes its profit is $...
3.)The marginal cost (MC) of the 30th bushel of wheat produced by the individual farmer is $
4.)The marginal cost (MC) of the 70th bushel of wheat produced by the individual farmer is $
5.)Which of the following statements best depicts what will happen to this farmer in the long run?
*The farmer will continue to earn profit in the long run.
*New farmers will enter and cause this farmer to earn a loss to balance the previous profits earned by the farmer.
*New farmers enter the market, causing the price to fall until zero profit is earned by all farmers.
*The firm will produce more wheat than it currently does until the MC = ATC and it breaks even.
*The farmer will continue to earn profit in the long run.
*New farmers will enter and cause this farmer to earn a loss to balance the previous profits earned by the farmer.
*New farmers enter the market, causing the price to fall until zero profit is earned by all farmers.
*The firm will produce more wheat than it currently does until the MC = ATC and it breaks even.
Explanation / Answer
1. $3.5
2 $3.5
3. 40
4. 100
5. Demand curve is not provided , so cann't answer
Witout demand cann't fill TR, M and profits
Quantity Total cost Marginal Cost Average total cost MR TR Profit 0 10 10 0 0 0 -10 10 90 80 9 35 35 -55 20 150 60 7.5 35 70 -80 30 190 40 6.333333 35 105 -85 40 225 35 5.625 35 140 -85 50 285 60 5.7 35 175 -110 60 365 80 6.083333 35 210 -155 70 465 100 6.642857 35 245 -220 80 585 120 7.3125 35 280 -305Related Questions
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