Quantity Total revenue Total cost (thousands of bushels of (thousands of dollars per (thousands of dollars per com a week) week) week) 0 0 50 10 30 70 20 60 80 30 90 90 40 120 110 50 150 140 60 180 200 70 210 280 80 240 400 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?

Name: quantity total revenue total cost thousands of bushels of thousands of dollars per thousands of dollars per com a week week week 0 0 50 10 30 70 20 60 80 30 90 90 40 120 110 50 150 140 60 18 54176
Uploaded: 2024-07-19T22:56:15-08:00
Duration: 1 min 28 s
Channel: Adi S
Description: quantity total revenue total cost thousands of bushels of thousands of dollars per thousands of dollars per com a week week week 0 0 50 10 30 70 20 60 80 30 90 90 40 120 110 50 150 140 60 18 54176

          Quantity
Total revenue
Total cost
(thousands of bushels of (thousands of dollars per (thousands of dollars per
com a week)
week)
week)
0
0
50
10
30
70
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60
80
30
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90
40
120
110
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60
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200
70
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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?

quantity total revenue total cost thousands of bushels of thousands of dollars per thousands of dollars per com a week week week 0 0 50 10 30 70 20 60 80 30 90 90 40 120 110 50 150 140 60 18 54176

Added by Sandra A.

Principles of Economics

Gregory Mankiw 8th Edition

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Solved by Expert Adi S

07/19/2024

Step 1

Profit is the difference between total revenue and total cost. Quantity | Total Revenue | Total Cost | Profit ------- | -------- | -------- | -------- 0 | 0 | 50 | -50 10 | 30 | 70 | -40 20 | 60 | 80 | -20 30 | 90 | 90 | 0 40 | 120 | 110 | 10 50 | 150 | 140 | Show more…

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Quantity Total revenue Total cost (thousands of bushels of (thousands of dollars per (thousands of dollars per com a week) week) week) 0 0 50 10 30 70 20 60 80 30 90 90 40 120 110 50 150 140 60 180 200 70 210 280 80 240 400 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?