ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Suppose Jerry is one of many used-car salesmen in a city. Assume the market for used cars is monopolistically competitive. The demand for Jerry's cars per week along with his corresponding revenue is shown in the table below. Marginal Revenue Cars Sold 1 234567 Price $20,000 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 Total Revenue $20,000 $36,000 $48,000 $56,000 $60,000 $60,000 $56,000 $20,000 $16,000 $12,000 $8,000 $4,000 $0 - $4,000 7 If Jerry's marginal cost of purchasing a used car from a wholesale distributor is $14,000, how many used cars should Jerry sell to maximize his profits and what price should he charge? To maximize profits, Jerry should sell used cars at a price of $. (Enter your responses as integer values.)
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Transcribed Image Text:Suppose Jerry is one of many used-car salesmen in a city. Assume the market for used cars is monopolistically competitive. The demand for Jerry's cars per week along with his corresponding revenue is shown in the table below. Marginal Revenue Cars Sold 1 234567 Price $20,000 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 Total Revenue $20,000 $36,000 $48,000 $56,000 $60,000 $60,000 $56,000 $20,000 $16,000 $12,000 $8,000 $4,000 $0 - $4,000 7 If Jerry's marginal cost of purchasing a used car from a wholesale distributor is $14,000, how many used cars should Jerry sell to maximize his profits and what price should he charge? To maximize profits, Jerry should sell used cars at a price of $. (Enter your responses as integer values.)
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