The table below represents the hourly output and cost structure for a local pizza shop. The market is perfectly competitive, and the market price of a pizza in the area is $10. Total costs include all implicit opportunity costs. Calculate the pizza shop's marginal cost and marginal revenue at each rate of output and fill in the values in the table. Total Hourly Output and Sales of Pizzas Total Hourly Cost (S) Total Economic Profit (S) Total Revenue (S) Marginal Cost (S) Marginal Revenue (S) 1 10 1 2 11 20 3 12 30 18 14 40 26 18 50 32 24 60 36 32 70 38 8 42 80 38 54 90 36 10 70 100 30

The table below represents the hourly output and cost structure for a local pizza shop. The market is perfectly competitive, and the market price of a pizza in the area is $10. Total costs include all implicit opportunity costs. Calculate the pizza shop's marginal cost and marginal revenue at each rate of output and fill in the values in the table. Total Hourly Output and Sales of Pizzas Total Hourly Cost (S) Total Economic Profit (S) Total Revenue (S) Marginal Cost (S) Marginal Revenue (S) 1 10 1 2 11 20 3 12 30 18 14 40 26 18 50 32 24 60 36 32 70 38 8 42 80 38 54 90 36 10 70 100 30

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 15P

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Similar questions

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