Profit

Question 1

Using this table, calculate the marginal cost of each of these quantities of bikes. The first bike: $ ⇒ 80 The fourth bike: $ The sixth bike: $ The seventh bike: $

Revolt · Accepted Answer

⇒ 80: 36093; Part 2: 20; Part 3: 50; Part 4: 60

Question 2

This graph shows the marginal cost of producing each bike. Select the correct answer from the options available.Based on this graph, which bike has a marginal cost of $20?

Revolt · Accepted Answer

Bike 4

Question 3

Using this table, calculate the profit at each level of bicycle production. One bike: -$ Two bikes: $ Three bikes: $ Four bikes: $ Five bikes: $ Six bikes: $ Seven bikes: $

Revolt · Accepted Answer

Part 1: 30; Part 2: 3; Part 3: 40; Part 4: 70; Part 5: 90; Part 6: 90; Part 7: 80

Question 4

Which of these arguments did you include in your response? Check all that apply.

Revolt · Accepted Answer

Profit is maximized when marginal revenue equals marginal cost.; Profit is maximized when five or six bikes are made each day.; Profit declines when more than six bikes are produced each day.

Profit Answers

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