Vera's Violins is the only shop in a town that sells violins. Vera, the shop owner, makes the violins that she sells herself. The table below presents the costs per month to Vera of making violins and the demand in the town for her violins. Price Output Total Costs per unit $360 $180 1 $342 $198 $324 $252 $306 $342 4 $288 $468 $270 $648 6 $252 $846 $234 $1062 8 $216 $1332 $198 $1638 6 10 $180 $1980 The economically efficient (for society as a whole) level of production for Vera is violins per month.
Vera's Violins is the only shop in a town that sells violins. Vera, the shop owner, makes the violins that she sells herself. The table below presents the costs per month to Vera of making violins and the demand in the town for her violins. Price Output Total Costs per unit $360 $180 1 $342 $198 $324 $252 $306 $342 4 $288 $468 $270 $648 6 $252 $846 $234 $1062 8 $216 $1332 $198 $1638 6 10 $180 $1980 The economically efficient (for society as a whole) level of production for Vera is violins per month.
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter3: Demand Analysis
Section: Chapter Questions
Problem 1.4CE
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