a Consider the total Haven (HHHH for short) from making and selling various quan
ID: 1111625 • Letter: A
Question
a Consider the total Haven (HHHH for short) from making and selling various quantities of hamburgers. cost and total revenues of Hermione's Healthy Hamburger tor Number of Hamburgers 1 2 3 4 5 Total Cost Total Revenues $20 $22 $24 $26 $30 $42 s58 $78 S0 $20 $40 S60 $80 $100 $120 $140 A) What is the price of a hamburger? B) What is the fixed cost of HHHH? C) What are the variable costs of HHHH? D) Calculate the Marginal Revenue and Marginal Cost for each number of hamburgers, and show below. E) How many hamburgers should HHHH make to earn maximum profit? Explain your answer?Explanation / Answer
No. Of Hamburgers (Q)
Total cost (TC)
Total Revenue (TR)
Price
(=TR/Q)
Fixed Cost (FC)
Variable cost (VC)
Marginal cost
Marginal revenue
Profit=
TR-TC
0
$20
$0
$0
$20
$0
$0
$0
-$20
1
22
20
20
20
2
2
20
-2
2
24
40
20
20
4
2
20
16
3
26
60
20
20
6
2
20
34
4
30
80
20
20
10
4
20
50
5
42
100
20
20
22
12
20
58
6
58
120
20
20
38
16
20
62
7
78
140
20
20
58
20
20
62
TR= P.Q
P = TR/Q
We know that, TC = FC + VC
VC = TC- FC
MC= Change in TC / change in quantity
MR = Change in TR/ change in quantity
Profit maximisation = MR=MC
No. Of Hamburgers (Q)
Total cost (TC)
Total Revenue (TR)
Price
(=TR/Q)
Fixed Cost (FC)
Variable cost (VC)
Marginal cost
Marginal revenue
Profit=
TR-TC
0
$20
$0
$0
$20
$0
$0
$0
-$20
1
22
20
20
20
2
2
20
-2
2
24
40
20
20
4
2
20
16
3
26
60
20
20
6
2
20
34
4
30
80
20
20
10
4
20
50
5
42
100
20
20
22
12
20
58
6
58
120
20
20
38
16
20
62
7
78
140
20
20
58
20
20
62
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