Complete the following table by computing the total cost of producing each quantity. Then, compute the total revenue earned at each price level and the marginal revenue earned at each price level. Price ($ per table) 60 55 50 45 40 35 Quantity Demanded (Tables per Week) O Increase the price Leave the price unchanged 1 2 3 4 5 6 O Decrease the price Fixed Cost Total Cost Marginal Cost ($) ($) ($) 40 40 40 40 40 40 $ $ $ $ $ 90 Assuming you are currently charging $55 per table set, what should you do if you want to increase profits? Given your demand and cost estimates, you should charge a price of be tables, and you will earn a weekly profit of $ 20 24 29 35 45 Total Revenue ($) $ $ $ $ $ $ Marginal Revenue ($) $ $ $ $ $ if you want to maximize your weekly profit. At this price, your output will
Complete the following table by computing the total cost of producing each quantity. Then, compute the total revenue earned at each price level and the marginal revenue earned at each price level. Price ($ per table) 60 55 50 45 40 35 Quantity Demanded (Tables per Week) O Increase the price Leave the price unchanged 1 2 3 4 5 6 O Decrease the price Fixed Cost Total Cost Marginal Cost ($) ($) ($) 40 40 40 40 40 40 $ $ $ $ $ 90 Assuming you are currently charging $55 per table set, what should you do if you want to increase profits? Given your demand and cost estimates, you should charge a price of be tables, and you will earn a weekly profit of $ 20 24 29 35 45 Total Revenue ($) $ $ $ $ $ $ Marginal Revenue ($) $ $ $ $ $ if you want to maximize your weekly profit. At this price, your output will
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section: Chapter Questions
Problem 20AA
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