6 5 Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a perfectly competitive market for wreaths. Christina's Costs and Revenue Quantity Average Variable Average Total (wreaths) Cost (dollars) Cost (dollars) 5 6 Marginal Cost (dollars) GINT $20.00 H 22.00 23.00 63.00 82.00 HERE 63.00 84.00 R COND 63.00 Instructions: In part a, enter your answer as a whole number. In parts band c, round your answers to two decimal places. a. What is the profit-maximizing level of output for Christina's Christmas Wreaths? 7 8 9 10 wreaths $ $14.00 15.00 16.00 BALLIN 22.00 28.00 34.00 $24.00 23.00 23.00 28.00 34.00 39.00 b. What is the profit per unit if the profit-maximizing level of output is produced? $ Marginal Revenue < Prev 5 of 15 c. What is the total economic profit generated by producing the profit-maximizing output? 898 (dollars) $63.00 63.00 63.00PRUN!! 63.00HAND Next >

6 5 Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a perfectly competitive market for wreaths. Christina's Costs and Revenue Quantity Average Variable Average Total (wreaths) Cost (dollars) Cost (dollars) 5 6 Marginal Cost (dollars) GINT $20.00 H 22.00 23.00 63.00 82.00 HERE 63.00 84.00 R COND 63.00 Instructions: In part a, enter your answer as a whole number. In parts band c, round your answers to two decimal places. a. What is the profit-maximizing level of output for Christina's Christmas Wreaths? 7 8 9 10 wreaths $ $14.00 15.00 16.00 BALLIN 22.00 28.00 34.00 $24.00 23.00 23.00 28.00 34.00 39.00 b. What is the profit per unit if the profit-maximizing level of output is produced? $ Marginal Revenue < Prev 5 of 15 c. What is the total economic profit generated by producing the profit-maximizing output? 898 (dollars) $63.00 63.00 63.00PRUN!! 63.00HAND Next >

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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