Second Sample Midterm Exam 2 Worksheet With Answers - Professor Scholz - University Of Wisconsin - Madison - 2009 Page 9
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17Second Sample Midterm Exam #2; Page 9 of 16
19) Jamie makes cookies. She has decided to go into business selling her soon-to-be famous chocolate
chip cookies at football games. Her total revenue from cookie sales is TR=60Q. Jamie’s marginal costs
are MC=4Q. The profit-maximizing level of output is
a) 5
b) 10
c) 12
d) 15
e) 20
Table: Marginal and Total Benefit
Number of games
Total benefit in
dollars
0
0
1
50
2
90
3
120
4
140
5
152
6
160
7
164
8
162
20) (Table: Marginal and Total Benefit) Rodger is deciding how many football games he wants to
attend this year. The total benefit that Rodger receives from football games is shown in the
accompanying table. If tickets to each football game cost $10, then he should attend ______
game(s).
a)
6
b)
1
c)
2
d)
3
e)
5
21) Kaile Cakes is currently producing 10 cakes per day. The marginal cost of the 10th cake is $24,
and average total cost of 10 cakes is $6. The average total cost of 9 cakes is:
a)
$4.
b)
$5.
c)
$6.
d)
$8.
e)
Not enough information is given.
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