Given the data provided in the table below, what will the amount of profit be for production at quantity (Q) level 7?

Q

P

TC

TR

MR

MC

Profit

0

$5

$9

1

$5

$10

2

$5

$12

3

$5

$15

4

$5

$19

5

$5

$24

6

$5

$30

7

$5

$45

Question

Given the data provided in the table below, what will the amount of profit be for production at quantity (Q) level 7?

Q

P

TC

TR

MR

MC

Profit

0

$5

$9

1

$5

$10

2

$5

$12

3

$5

$15

4

$5

$19

5

$5

$24

6

$5

$30

7

$5

$45

BlackTom AI · Accepted Answer

We start by restating the scenario: we need the profit at production level Q = 7.
First, determine total revenue (TR). With price P = $5 and quantity Q = 7, TR = P × Q = 5 × 7 = 35.
Next, determine total cost (TC) at Q = 7 from the table. The TC value given for Q = 7 is 45.
Profit is calculated as Profit = TR − TC = 35 − 45 = −10.
Thus, the profit is negative $10.00, which corresponds to the option presented. The negative result makes sense here because total costs exceed total revenue at this production level.
Note: If you were to review the intermediate values, you’d observe that with a fixed price of $5 per unit, increasing output up to 7 raises TR linearly to $35, but TC has grown faster (to $45), yielding a loss on the margin at this level of output.
Since the problem provides a single listed option, this computation aligns with that option’s value exactly, indicating consistency between the data and the chosen figure.

ECON 203-0001 Chapter 8

Given the data provided in the table below, what will the amount of profit be for production at quantity (Q) level 7? Q P TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45

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