In the following Table-1: i) Calculate and complete the three columns. (1 mark each = 3...

 

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In the following Table-1: i) Calculate and complete the three columns. (1 mark each = 3 marks) ii) Use the data in the table to determine the profit-maximising level of output. Suppose the price of Rice, rises from $4 to $7.00 per bushel. How many bushels of rice will Farmer Jack produce, and how much profit will he make? Briefly explain. (1 mark) Table 1. QUANTITY (BUSHELS) TOTAL REVENUE TOTAL COST (TC) PROFIT (TR - TC) MARGINAL MARGINAL REVENUE COST (MC) (Q) (TR) P= $7 (MR) 0 $0.00 $1.00 -$1.00 - 1 7.00 4.00 3.00 $7.00 $3.00 2 14.00 6.00 3 21.00 7.50 4 28.00 9.50 5 35.00 12.00 6 42.00 15.00 7 49.00 19.50 8 56.00 25.50 9 63.00 32.50 10 70.00 40.50 Q2. Market Structures Monopoly...... ..(Total 6 marks) In the following Table-1: i) Calculate and complete the three columns. (1 mark each = 3 marks) ii) Use the data in the table to determine the profit-maximising level of output. Suppose the price of Rice, rises from $4 to $7.00 per bushel. How many bushels of rice will Farmer Jack produce, and how much profit will he make? Briefly explain. (1 mark) Table 1. QUANTITY (BUSHELS) TOTAL REVENUE TOTAL COST (TC) PROFIT (TR - TC) MARGINAL MARGINAL REVENUE COST (MC) (Q) (TR) P= $7 (MR) 0 $0.00 $1.00 -$1.00 - 1 7.00 4.00 3.00 $7.00 $3.00 2 14.00 6.00 3 21.00 7.50 4 28.00 9.50 5 35.00 12.00 6 42.00 15.00 7 49.00 19.50 8 56.00 25.50 9 63.00 32.50 10 70.00 40.50 Q2. Market Structures Monopoly...... ..(Total 6 marks)