Ramona is an asparagus farmer and the world asparagus market is perfectly competitive. The market price is $23 a bundle. Ramona sells 800 bundles a week and her marginal cost is $25 a bundle. The...


Ramona is an asparagus farmer and the world asparagus market is perfectly competitive.<br>The market price is $23 a bundle. Ramona sells 800 bundles a week and her marginal cost is $25 a bundle.<br>The market price falls to $20 a bundle, and Ramona cuts her output to 500 bundles a week.<br>Ramona's average variable cost and marginal cost fall to S20 a bundle.<br>Ramona is<br>A. not maximizing profit because she has cut her asparagus production<br>O B. not maximizing profit because she is incurring an economic loss<br>C. maximizing profit and she is incurring an economic loss<br>O D. maximizing profit and she is making an economic profit<br>E. not maximizing profit because marginal revenue does not equal marginal cost<br>

Extracted text: Ramona is an asparagus farmer and the world asparagus market is perfectly competitive. The market price is $23 a bundle. Ramona sells 800 bundles a week and her marginal cost is $25 a bundle. The market price falls to $20 a bundle, and Ramona cuts her output to 500 bundles a week. Ramona's average variable cost and marginal cost fall to S20 a bundle. Ramona is A. not maximizing profit because she has cut her asparagus production O B. not maximizing profit because she is incurring an economic loss C. maximizing profit and she is incurring an economic loss O D. maximizing profit and she is making an economic profit E. not maximizing profit because marginal revenue does not equal marginal cost
The table shows Jerry's total utility from bus tickets<br>and movies.<br>Bus tickets<br>Movies<br>Quantity<br>per week<br>Total<br>Quantity<br>per week<br>The price of a bus ticket is $2, the price of a movie is $10, and Jerry has $20 a week to spend.<br>Total<br>utility<br>utility<br>Calculate Jerry's marginal utility from the third bus ticket and marginal utility per dollar when he buys 3 bus tickets. Calculate<br>Jerry's marginal utility from the third movie and marginal utility per dollar when he buys 3 movies<br>1<br>120<br>1<br>250<br>>>> Answer to 1 decimal place.<br>2<br>220<br>450<br>3<br>300<br>3<br>600<br>Jerry's marginal utility from the third bus ticket is1 units.<br>4<br>360<br>4<br>700<br>The marginal utility per dollar from bus tickets when Jerry buys 3 bus tickets is 1 units per dollar.<br>Jerry's marginal utility from the third movie is 1 units.<br>The marginal utility per dollar from movies when Jerry buys 3 movies is 1 units per dollar.<br>

Extracted text: The table shows Jerry's total utility from bus tickets and movies. Bus tickets Movies Quantity per week Total Quantity per week The price of a bus ticket is $2, the price of a movie is $10, and Jerry has $20 a week to spend. Total utility utility Calculate Jerry's marginal utility from the third bus ticket and marginal utility per dollar when he buys 3 bus tickets. Calculate Jerry's marginal utility from the third movie and marginal utility per dollar when he buys 3 movies 1 120 1 250 >>> Answer to 1 decimal place. 2 220 450 3 300 3 600 Jerry's marginal utility from the third bus ticket is1 units. 4 360 4 700 The marginal utility per dollar from bus tickets when Jerry buys 3 bus tickets is 1 units per dollar. Jerry's marginal utility from the third movie is 1 units. The marginal utility per dollar from movies when Jerry buys 3 movies is 1 units per dollar.
Jun 08, 2022
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