An electric device delivers a current of [tex]$15.0 A$[/tex] for 30 seconds. How many electrons flow through it?
Answer (2)
In 30 seconds, an electric device with a current of 15.0 A delivers about 2.81 x 10^21 electrons. This is calculated by determining the total charge output and dividing it by the charge of a single electron. Thus, the total charge flowing is 450.0 C, resulting in this number of electrons.
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Marginal revenue (MR) equals the market price, which is $7.00.
Average revenue (AR) also equals the market price, which is $7.00.
The optimal quantity to produce is where marginal cost (MC) equals marginal revenue (MR).
Baker Street should produce 35 apple pies.
Explanation
Understanding the Problem The problem provides a table of costs and revenues for Baker Street's apple pies. We are given the quantity of apple pies, total cost (TC), and marginal cost (MC). We need to fill in the marginal revenue (MR) and average revenue (AR) columns, knowing that the market price of apple pies is $7.00 per pie. Then, we need to determine how many apple pies should be produced at this market price.
Calculating MR and AR Since the market price is constant at $7.00 per pie, the marginal revenue (MR) is equal to the market price. Therefore, MR = $7.00 for all quantities. Similarly, the average revenue (AR) is also equal to the market price, so AR = $7.00 for all quantities.
Finding Optimal Quantity To determine the quantity of apple pies that should be produced, we need to find the quantity where marginal cost (MC) is equal to marginal revenue (MR). From the table, we can see that when the quantity is 35, the marginal cost (MC) is $7.00, which is equal to the marginal revenue (MR).
Final Answer Therefore, at the market price of $7.00 per apple pie, Baker Street should produce 35 apple pies.
Examples
Understanding marginal revenue and marginal cost is crucial for businesses to make informed decisions about production levels. For example, a bakery can use this analysis to determine the optimal number of cakes to bake each day to maximize profit. If the cost of making one more cake (marginal cost) exceeds the revenue from selling that cake (marginal revenue), the bakery should reduce production. Conversely, if the revenue exceeds the cost, they should increase production until marginal cost equals marginal revenue, optimizing their profitability.
