MBA-502-X4358 Economics for Business 18TW4 Zonya Robinson&1 66/18 3:21 P Homewor

Question

MBA-502-X4358 Economics for Business 18TW4 Zonya Robinson&1 66/18 3:21 P Homework: 4-1 MyEconLab: Module Four Homework Score: 0 of 2 pts Text Problem 25-5 The table below depicts the prices and total costsa 19 of 25(18 complete) HYV Score: 70.26%, 4567 of 65 Question Hoip local used-bock store faces The bookstiore competes with a on ts location and the word-of-moth nputlation of the cofiee t serves to is customen o he nearest peny) Price per Total Marginal Marginal Outpo Bosk 13) Costs 1 Revenue 1Pe 0 6?525 2 640 7.50 3 1 90 4 5.9012 5 565 15 00 6 540 1975

Explanation / Answer

Total Profit = Total Revenue - Total Cost

Total Revenue = Price * Quantity

Marginal Revenue is the difference between total revenue for an unit of output produced from the total revenue for the next unit of output.

Marginal Cost is the difference between cost incurred for producing an output from the cost incurred for producing the next unit of output.

Output Price Total Cost Marginal Cost Total Revenue Marginal Revenue Total Profit 0 6.90 2.00    - 0    - -2.00 1 6.65 5.25 3.25 6.65 6.65 1.4 2 6.40 7.50 2.25 12.80 6.15 5.3 3 6.15 9.60 2.10 18.45 5.65 8.85 4 5.90 12.10 2.50 23.6 5.15 11.5 5 5.65 15.60 3.50 28.25 4.65 12.65 6 5.40 19.75 4.15 32.40 4.15 12.65 7 5.15 24.50 4.75 36.05 3.65 11.55

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