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Baker Street's Costs and Revenues Quantity (apple pies) MR AR TC (dollars) MC (dollars) (dollars) 15 $155.00 $9.00 $ (dollars) $ 20 197.50 8.50 25 242.50 9.00 30 292.50 10.00 35 352.50 12.00 40 422.50 14.00 Instructions: Enter your answers as a whole number. b. At the market price of $12.00 per apple pie, how many apple pies should Baker Street make? apple pies c. If the market price for apple pies were to rise to $14.00 per apple pie, how many apple pies should Baker Street make? apple pies

Baker Street's Costs and Revenues Quantity (apple pies) MR AR TC (dollars) MC (dollars) (dollars) 15 $155.00 $9.00 $ (dollars) $ 20 197.50 8.50 25 242.50 9.00 30 292.50 10.00 35 352.50 12.00 40 422.50 14.00 Instructions: Enter your answers as a whole number. b. At the market price of $12.00 per apple pie, how many apple pies should Baker Street make? apple pies c. If the market price for apple pies were to rise to $14.00 per apple pie, how many apple pies should Baker Street make? apple pies

ECON MICRO
ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 7.15P
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The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm producing different quantities of apple pies. The market price of apple pies is $12.00 per pie. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Instructions: Round your answers to two decimal places. Baker Street's Costs and Revenues Quantity (apple pies) MR TC (dollars) MC (dollars) (dollars) 15 $155.00 $9.00 $ AR (dollars) $ 20 197.50 8.50 25 242.50 9.00 30 292.50 10.00 35 352.50 12.00 40 422.50 14.00 Instructions: Enter your answers as a whole number. b. At the market price of $12.00 per apple pie, how many apple pies should Baker Street make? apple pies c. If the market price for apple pies were to rise to $14.00 per apple pie, how many apple pies should Baker Street make? apple pies
Transcribed Image Text:The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm producing different quantities of apple pies. The market price of apple pies is $12.00 per pie. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Instructions: Round your answers to two decimal places. Baker Street's Costs and Revenues Quantity (apple pies) MR TC (dollars) MC (dollars) (dollars) 15 $155.00 $9.00 $ AR (dollars) $ 20 197.50 8.50 25 242.50 9.00 30 292.50 10.00 35 352.50 12.00 40 422.50 14.00 Instructions: Enter your answers as a whole number. b. At the market price of $12.00 per apple pie, how many apple pies should Baker Street make? apple pies c. If the market price for apple pies were to rise to $14.00 per apple pie, how many apple pies should Baker Street make? apple pies
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