The Table Below Gives Amy's Total Cost Schedule for Producing

question 67

Essay

The table below gives Amy's total cost schedule for producing holiday wreaths.Amy is a perfect competitor and can sell each wreath for $9.
a.Complete the table by calculating Amy's total revenue and her profit or loss schedule.
$$\begin{array} { c c c c } \begin{array} { c } \text { Quantity } \\\text { (wreaths) }\end{array} & \begin{array} { c } \text { Total cost } \\\text { (dollars) }\end{array} & \begin{array} { c } \text { Total revenue } \\\text { (dollars) }\end{array} & \begin{array} { c } \text { Profit or loss } \\\text { (dollars) }\end{array} \\\hline 0 & 1 & & \\1 & 10 & & \\2 & 18 & & \\3 & 24 & & \\4 & 28 & & \\5 & 33 & & \\6 & 40 & & \\7 & 49 & & \\8 & 60 & & \\9 & 73 & & \\\hline\end{array}$$
b.When Amy is producing 4 wreaths,what is her total cost? What is her total revenue? What is her economic profit or economic loss?
c.What number of wreaths maximizes Amy's profit?

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Definitions:

Compressed Workweek

An employment schedule that allows a full-time job to be completed in fewer days than the traditional five-day workweek.

Standard Five Days

Typically refers to the conventional workweek structure, Monday through Friday, that is observed by many organizations and businesses.

Telecommuting

A work arrangement in which employees do not commute to a central place of work, instead working remotely, often from home.

Fixed Hours

A work schedule where employees are required to work a specific number of hours and at specific times each workday.