6th quiz

Total revenue minus total cost is equal to

• the rate of return

• marginal revenue

• profit

• net cost

Refer to Figure, This corn producer produces 100 bushels of corn and sells each bushel at $5. The cost of producing each bushel is $2. This corn producer's total revenue is ________ and profit is ______

• $200; $300

• $300; $200

• $500; $200

• $500; $300

Refer to Figure, This corn producer earns a total revenue of $900. Each bushel of corn is sold for $5. This corn producer must be selling ________ bushels of corn.

• 180

• 450

• 900

• 4500

Refer to Figure, A corn producer's profit is $200 and is producing 100 bushels of corn. Then he must have a cost per bushel of

• $1

• $2

• $3

• $4

Refer to Figure, A corn producer produces 80 bushels of corn and sells each bushel at $5. The cost of producing each unit bushel is $2. This corn producer's total revenue is ________ and profit if ________.

• $160; $0

• $240; $80

• $400; $240

• $400; $160

Refer to Figure, A corn producer's total revenue is $1,000. If she sells each bushel of corn for $5, she must be selling ________ bushels of corn

• 200

• 450

• 900

• 4500

The Wax Works sells 400 candles at a price of $10 per candle. The Wax Works' total costs for producing 400 candles are $500. The Wax Works' economic profit is

• -$100

• $3,500

• $4,500

• indeterminate from this information

The Wax Works sells 400 candles at a price of $6 per candle. The Wax Works' total costs for producing 400 candles are $2,500. The Wax Works' economic profit is

• -$100

• $0

• $2,400

• $2,500

The Sweet Success Bakery sells 800 cakes at a price of $20 per cake. Its total economic costs for producing 800 cakes are $4,800. The Sweet Success Bakery's economic profits are

• $4,800

• $11,200

• $16,000

• indeterminate from this information

The Oh So Humble Bakery sells 300 muffins at a price of $1 per muffin. Its explicit costs for producing 300 muffins are $250. The Oh So Humble Bakery's economic profits are

• $35

• $50

• $250

• indeterminate from this information