7. Critical analysis Q14 Suppose that you produce and sell children's tables in a local market. Past experience enables you to estimate your demand and marginal cost schedules. This information is presented in the accompanying table. 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) 45 40 35 30 25 20 Quantity Demanded (Tables per Week) 1 2 3 4 5 6 Fixed Cost Total Cost Marginal Cost ($) ($) ($) 40 40 40 40 40 40 SSSS $ $ 70 AAAAA 9 27 29 35 45 Total Revenue Marginal Revenue ($) ($) $ $ $ $ S $ AAAAA $ $ $

7. Critical analysis Q14 Suppose that you produce and sell children's tables in a local market. Past experience enables you to estimate your demand and marginal cost schedules. This information is presented in the accompanying table. 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) 45 40 35 30 25 20 Quantity Demanded (Tables per Week) 1 2 3 4 5 6 Fixed Cost Total Cost Marginal Cost ($) ($) ($) 40 40 40 40 40 40 SSSS $ $ 70 AAAAA 9 27 29 35 45 Total Revenue Marginal Revenue ($) ($) $ $ $ $ S $ AAAAA $ $ $

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter11: Resource Market

Section: Chapter Questions

Problem 2.4P

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