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Quantity of JacketsPrice (in whole dollars)Total RevenueMarginal RevenueTotal CostMarginal CostProfit (or loss)020     12020 18  21938 33  31854 43  41768 55  51680 68  61590 83  71498 101  813104 120  

Based on this chart, what is the marginal cost, in dollars, to produce four jackets?

  Question 2 (Multiple Choice Worth 5 points)

 

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Which investment produces a $5 hourly profit for a candy shop earning $1 profit per pound of candy? Question 3 (Multiple Choice Worth 5 points)

 

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Quantity of JacketsPrice (in whole dollars)Total RevenueMarginal RevenueTotal CostMarginal CostProfit (or loss)020     12020 18  21938 33  31854 43  41768 55  51680 68  61590 83  71498 101  813104 120  

Based on this chart, what is the marginal revenue, in dollars, at quantity five jackets?

  Question 4 (Multiple Choice Worth 5 points)

 

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Root and Vine is a gardening collective and local delivery service started by two friends. Their clientele has grown, and they want to expand. The owners like the idea of protecting their personal property, but they want to maintain control of the business. Which type of organization might best suit their growth? Question 5 (Multiple Choice Worth 5 points)

 

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Meg and her mother are opening a cupcake shop. They buy an oven, a walk-in cooler, and a decorating table. In terms of factors of production, what are these items? Question 6 (Multiple Choice Worth 5 points)

 

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Why do purely competitive markets tend to benefit consumers over producers? Question 7 (Multiple Choice Worth 5 points)

 

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Adalet runs a newsstand in a busy office complex. Which option would best help her business to grow? Question 8 (Multiple Choice Worth 5 points)

 

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Which investment produces a $40 daily profit for a game shop earning $2 profit from every game sold? Question 9 (Multiple Choice Worth 5 points)

 

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Your friend hopes to expand her business to multiple locations. It would be best for her to create a Question 10 (Multiple Choice Worth 5 points)

 

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Use this image to answer the following question. The ice cream shop needs 5 pounds of strawberries for every gallon of strawberry ice cream. The shop chose to produce 4 gallons of chocolate ice cream. How many pounds of strawberries should the shop purchase? Question 11 (Multiple Choice Worth 5 points)

 

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Sam works as a transcriptionist for $30,000 per year, and Janet works as a jet propulsion specialist for $73,000 per year. Which of the following statements couldbest explain the disparity in their incomes? Question 12 (Multiple Choice Worth 5 points)

 

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Stacy owns a hair salon and haircuts are $10. She charges hairdressers $20 per hour to rent a chair and serve clients. What is the minimum number of haircuts a hairdresser should give per hour to earn money at Stacy’s salon? Question 13 (Multiple Choice Worth 5 points)

 

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Mad Hatter Publishing specializes in genre fiction for young adults. A movie company decides to make an adaptation of one of its popular science-fiction novels. Currently, production at Mad Hatter is at point T. To which point or points is production likely to shift? Question 14 (Multiple Choice Worth 5 points)

 

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Use this image to answer the following question. The ice cream shop Question 15 (Multiple Choice Worth 5 points)

 

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An oligopoly is a market for a good or service that Question 16 (Multiple Choice Worth 5 points)

 

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The most common form of nonprice competition is Question 17 (Multiple Choice Worth 5 points)

 

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“Buy our cell phone with built-in calendar and reminder features! This way you will never forget an appointment while on the go.” This advertisement targets your Question 18 (Multiple Choice Worth 5 points)

 

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An entrepreneur is best defined as a person who Question 19 (Multiple Choice Worth 5 points)

 

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Your friend wants to open a clothing shop. A necessary capital resource is a Question 20 (Multiple Choice Worth 5 points)

 

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Marginal Cost Analysis Chart: ProPhone BlazerQuantity of JacketsPrice (in whole dollars)Total RevenueMarginal RevenueTotal CostMarginal CostProfit (or loss)022000900 120020020017080 218036016020030 316048012029090 415060012034050 514070010040060 613581090500100 7130910100620120 

The owner of ProPhone has charted the company’s marginal revenue and marginal cost for its latest line of smartphones, the Blazer. Use the chart to calculate the company’s profit. How many phones will ProPhone need to sell to maximize profit?

 

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