Answered step by step
Verified Expert Solution
Question
1 Approved Answer
An cost schedule for producing pizzas Fixed Variable Total Pizzas Cost ($) Cost ($) Cost ($) cost per pizza marginal costs 0 40 0 40
An cost schedule for producing pizzas
Fixed | Variable | Total | |||
Pizzas | Cost ($) | Cost ($) | Cost ($) | cost per pizza | marginal costs |
0 | 40 | 0 | 40 | ||
1 | 40 | 8 | 48 | 48 | 8 |
2 | 40 | 17 | 57 | 28.5 | 9 |
3 | 40 | 27 | 67 | 22.33 | 10 |
4 | 40 | 38 | 78 | 19.5 | 11 |
5 | 40 | 50 | 90 | 18 | 12 |
If marginal revenue was $7, what would be the profit maximising output?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started