Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

32) I am stuck, I really need help The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison has income of

32) I am stuck, I really need help

image text in transcribedimage text in transcribedimage text in transcribed
The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison has income of $52.00, the price of popcorn is $4.00, and the price of Coke is $18.00. If Madison wants to maximize her utility, how much popcorn and Coke should she buy? Popcorn Coke Quantity Marginal Utility Marginal Utility 96 144 72 108 48 72 DULAWN 24 36 18 a Madison should buy boxes of popcorn and |cans of Coke. (Enter your responses as integers.)Farmer Brown grows peaches in Georgia. Suppose the market for peaches is perfectly competitive and that the market price for a box of peaches is $40 per box. Farmer Brown's marginal cost of production is illustrated in the table. Boxes of Market Price Marginal Peaches (per box) Cost (MC) $40 40 12.00 40 6.00 40 18.00 40 36.00 40 72.00 40 108.00 What price will farmer Brown charge when maximizing profit? Farmer Brown will charge a price of $ per box of peaches. (Enter your response as an integer.) What is farmer Brown's profit-maximizing level of output? Farmer Brown maximizes profit when producing |boxes of peaches. (Enter your response as an integer.)Refer to the graph of the costs for a perfectly competitive firm. Which of the following best represents profit per unit of output? O A. the market price MC O B. the shaded rectangle ATC O C. the distance between points A and B O D. None of the above. Which of the following best represents total profit? Price A D = MR O A. the shaded rectangle B O B. the market price O C. the distance between points A and B O D. None of the above. Quantity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Water Pollution Economics Aspects And Research Needs

Authors: Allen V Kneese

1st Edition

1317387554, 9781317387558

More Books

Students also viewed these Economics questions