Profit Answers
Using this table, calculate the marginal cost of each of these quantities of bikes.
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50
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60
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?
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80
Using this table, calculate the profit at each level of bicycle production.
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3
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40
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70
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90
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90
This graph shows the marginal costs of each bike, along with the market price. Select the correct answer from the options available.Based on this graph, at which level of production does the producer’s profit stop increasing?
Write three to five sentences explaining which levels of production provide Alonzo’s Cycling with the maximum profit.
The maximum profit is $90, which occurs when Alonzo’s Cycling produces either 5 or 6 bikes per day. At 5 bikes, the company earns $250 in revenue and has costs of $160. At 6 bikes, it earns $300 in revenue and has costs of $210. Producing 7 bikes lowers the profit to $80, so producing 5 or 6 bikes is best.
Which of these arguments did you include in your response? Check all that apply.
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