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Connie's is one of many ice cream stands in town.Connie's costs are shown in the table below : Quantity (cones per day) Total Cost (dollars
- Connie's is one of many ice cream stands in town.Connie's costs are shown in the table below :
Quantity (cones per day) | Total Cost (dollars per day) |
0 | 100 |
100 | 250 |
200 | 350 |
300 | 500 |
400 | 700 |
500 | 950 |
600 | 1,250 |
a. If the market price of ice cream is $1.75 per cone, what is Connie's profit-maximizing quantity of ice cream sold ?
b. If the market price of ice cream is increased to $2.25, and finally $2.75 per cone subsequently, what will be Connie's profit-maximizing quantities of ice cream sold ?
c. Is it possible to determine Connie's supply curve ? Discuss.
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