The table below depicts the prices and total costs a local used-book store faces. The bookstore competes with a number of similar stores, but it capitalizes on its location and the word-of-mouth reputation of the coffee it serves to its customers. Calculate the store's total revenue, total profit, marginal revenue, and marginal cost at each level of output, beginning with the first unit (Enter all values rounded to the nearest penny) Total Marginal Revenue (S) Price per Output Book (S) Costs (S) Total Revenue (S) Total Profit (S) Marginal Cost (S) 5.75 4.00 5.50 7.25 5.5 -1.75 55 3.25 2 5.25 9.50 10.5 5 2.25 3 5.00 11.60 15 34 4.5 2.1 4 4.75 14.10 19 4.9 4 25 5 4.50 17.60 225 4.9 3.5 3.5 6 4.25 21.75 25.5 3.75 4.15 4.00 26.50 28 15 25 4.75 Based on marginal analysis, what is the approximate profit-maximizing level of output for this business?O
The table below depicts the prices and total costs a local used-book store faces. The bookstore competes with a number of similar stores, but it capitalizes on its location and the word-of-mouth reputation of the coffee it serves to its customers. Calculate the store's total revenue, total profit, marginal revenue, and marginal cost at each level of output, beginning with the first unit (Enter all values rounded to the nearest penny) Total Marginal Revenue (S) Price per Output Book (S) Costs (S) Total Revenue (S) Total Profit (S) Marginal Cost (S) 5.75 4.00 5.50 7.25 5.5 -1.75 55 3.25 2 5.25 9.50 10.5 5 2.25 3 5.00 11.60 15 34 4.5 2.1 4 4.75 14.10 19 4.9 4 25 5 4.50 17.60 225 4.9 3.5 3.5 6 4.25 21.75 25.5 3.75 4.15 4.00 26.50 28 15 25 4.75 Based on marginal analysis, what is the approximate profit-maximizing level of output for this business?O
Chapter23: Profit Maximization
Section: Chapter Questions
Problem 3E
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning