Calculate Lories profit-maximizing output, price, and economic profit. Lorie teaches singing. Her fixed costs are $1,000 a

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Calculate Lorie’s profit-maximizing output, price, and economic profit.

Lorie teaches singing. Her fixed costs are $1,000 a month, and it costs her $50 of labor to give one class.
The table shows the demand schedule for Lorie’s singing lessons. image text in transcribed

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Economics

ISBN: 9781292433639

14th Global Edition

Authors: Michael Parkin

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Question Posted: Jan 27, 2024 10:03 PM

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Calculate Lories profit-maximizing output, price, and economic profit. Lorie teaches singing. Her fixed costs are $1,000 a

Question:

Price (dollars per lesson) 0 50 100 150 200 250 Quantity demanded (lessons per month) 250 200 150 100 50 0

Step by Step Answer:

To calculate Lories profitmaximizing output and price we need to consider the revenue and costs for each potential price level and then calculate the profits accordingly Lets first calculate the reven...View the full answer

Economics

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