Question

jims widgets creates mechanical tools that are used in factories. use the table and the drop - down menus to answer these questions. the profit when the company makes five widgets is. to maximize profit, the company should produce. would decrease by if seven widgets.

Explanation:

Step1: Recall profit formula

Profit = Total Revenue - Total Cost.

Step2: Calculate total revenue for 5 widgets

Marginal revenue is $13 per widget. For 5 widgets, total revenue = $13×5 = $65.

Step3: Find total cost for 5 widgets

From the table, total cost for 5 widgets is $35.

Step4: Calculate profit for 5 widgets

Profit = $65 - $35=$30

Answer:

$30