7 33 ints Print References tous aump TotsPoses, Incorporated, a profit-maximizing business, is the only photography business in town that specializes in portraits of small children. George, who owns and runs TotsPoses, expects to encounter an average of eight customers per day, each with a reservation price shown in the following table. Assume George has no fixed costs, and his cost of producing each portrait is $9. a. Complete the following table. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Enter your responses as whole numbers. Total Reservation price (s per photo) revenue (s per day) Marginal revenue (5 per photo) Customer 50 1 50 50 2 46 W X 3 42 126 30 116 4 38 14 170 5 10 180 6 2 12 7 1/6 22 8 How much should George charge if he must charge a single price to all customers? $ his price how many nortraite will Genme produce each was 712 34 30 26 Next > View previsus attempt 7 6.59/8.33 points awarded Scored ponses and what was marked correct and incorrect from your previous attempt. 14 0 10 6 30 7 26 176 8 22 How much should George charge if he must charge a single price to all customers? $ 30 portraits At this price, how many portraits will George produce each day? What will be his economic profit? $ 126 per day 60 b. How much consumer surplus is generated each day at this price? $ portraits c. What is the socially efficient number of portraits? 8 d. George is very experienced in the business and knows the reservation price of each of his customers. If he is allowed to charge any portraits price he likes to any consumer, how many portraits will he produce each day? 288 per day What will his economic profit be? $ 72 e. In this case, how much consumer surplus is generated each day? $ 34 170 188 O 182 O O