Suppose that Harold sells hamburgers. The total cost of production, based on the number of hamburgers produced, is shown in thefollowing table.Number of hamburgersTotal cost ($)10131825344524Suppose that the price is $6. Assuming profit maximization, how many hamburgers will Harold sell?I1st attempt< 1621 >VIEW SOLUTION14 OF 21 QUESTIONS COMPLETEDSUBMIT ANSWER28MacBook Pro漠:名□F2

Question
Asked Jan 29, 2019
536 views
Suppose that Harold sells hamburgers. The total cost of production, based on the number of hamburgers produced, is shown in the
following table.
Number of hamburgers
Total cost ($)
10
13
18
25
34
45
2
4
Suppose that the price is $6. Assuming profit maximization, how many hamburgers will Harold sell?
I
1st attempt
< 1621 >
VIEW SOLUTION
14 OF 21 QUESTIONS COMPLETED
SUBMIT ANSWER
28
MacBook Pro
漠:
名□
F2
help_outline

Image Transcriptionclose

Suppose that Harold sells hamburgers. The total cost of production, based on the number of hamburgers produced, is shown in the following table. Number of hamburgers Total cost ($) 10 13 18 25 34 45 2 4 Suppose that the price is $6. Assuming profit maximization, how many hamburgers will Harold sell? I 1st attempt < 1621 > VIEW SOLUTION 14 OF 21 QUESTIONS COMPLETED SUBMIT ANSWER 28 MacBook Pro 漠: 名□ F2

fullscreen
check_circle

Expert Answer

star
star
star
star
star
1 Rating
Step 1

Profit maximization qty is that qty where marginal revenue is equal to or greater than Marginal cost and after that the marginal cost is rising and higher than marginal revenue.

Therefore,  schedule showing the Marginal cost has been prepared as above.

marginal cost of nth unit = Total cost of nth unit - ...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Economics

Related Economics Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: 7) Explain the slopes of the supply and demand curves in the federal funds market.  Show and explain...

A: Federal fund rate: It is the interest rate at which banks and other depository institutions lend to ...

question_answer

Q: 3. Consider the following diagram: ATC MC ive AVC P-D-MR Quartity Would a perfectly competitive firm...

A: 3.In the perfect competitive market, the firm will produce the level of output at where the price eq...

question_answer

Q: Mary can wax 6 cars per day or wash 4 cars per day and John can wax 3 cars per day or wash 3 cars pe...

A: Opportunity Cost: the opportunity cost of any goods and services is the cost of other goods and serv...

question_answer

Q: Explain the impact of:a. A rent ceiling set below the equilibrium price.b. A price floor set above t...

A: a. A rent ceiling set below the equilibrium price.When there is a rent ceiling set below the equilib...

question_answer

Q: Multiple Definition of economics

A: There are several definitions of Economics given over time. We have covered the most important ones ...

question_answer

Q: The country of Freeland has an aggregate demand curve determined by the equation Freeland also has a...

A: The quantity theory of money:The quantity theory of money equation can be written as follows:

question_answer

Q: What does the law of increasing opportunity cost state?

A: Law of Increasing opportunity cost staes that when the production of a particular product is increas...

question_answer

Q: . Everything else the same, if taxes riseaggregate demand shifts out to the right.aggregate demand s...

A: When there is an imposition of taxes, there is a reduction in consumer spending. Therefore, when the...

question_answer

Q: Calculate the Marginal Propensity to Consume and the Marginal Propensity to Save. Fill in the blanks...

A: Saving(S)If nation income (Y) is $9,000 and the consumption (C) is $8,000, then the saving (s) can b...