Quantity (Bushels of rutabagas) Total Revenue (Dollars) Total Cost (Dollars) 0 0
ID: 2440956 • Letter: Q
Question
Quantity
(Bushels of rutabagas)
Total Revenue
(Dollars)
Total Cost
(Dollars)
0
0
10
2
17
21
4
34
27
6
51
31
9
76.5
35
11
93.5
43
13
110.5
49
15
127.5
57
16
136
70
The above table has the total revenue and total cost schedule for Omar, a perfectly competitive grower of rutabagas. Omar's total profit is maximized when he produces ________ bushels of rutabagas.
Quantity
(Bushels of rutabagas)
Total Revenue
(Dollars)
Total Cost
(Dollars)
0
0
10
2
17
21
4
34
27
6
51
31
9
76.5
35
11
93.5
43
13
110.5
49
15
127.5
57
16
136
70
Explanation / Answer
Ans: Omar's total profit is maximized when he produces __15__ bushels of rutabagas.
Explanation:
Profit = Total Revenue - Total Cost
Quantity(Bushels of rutabagas) Total Revenue
(Dollars) Total Cost
( Dollars ) Total Profit
( Dollars ) 0 0 10 -10 2 17 21 -4 4 34 27 7 6 51 31 20 9 76.5 35 41.5 11 93.5 43 50.5 13 110.5 49 61.5 15 127.5 57 70.5 16 136 70 66