Critical analysis

Rod N. Reel owns a dealership that sells fishing boats in an open price-searcher market. To develop his pricing strategy, Rod hired an economist to estimate his demand curve. The first two columns of the chart provide the data for the expected weekly quantity demanded for Rod's fishing boats at alternative prices. Rod's marginal (and average) cost of supplying each boat is constant at $6,000 per boat, no matter how many boats he sells per week in this range. This cost includes all opportunity costs and represents the economic cost per boat.

Complete the following table by finding the total revenue and total cost per week at each quantity, the marginal revenue and marginal cost from the sale of each additional boat, and the economic profit per week at each quantity.

Complete the following table by finding the total revenue and total cost per week at each quantity, the marginal revenue and marginal cost from the sale of each additional boat, and the economic profit per week at each quantity. Fishing Boats Total Marginal Marginal Economic Price of Fishing Sold Revenue Revenue Total Cost Cost Profit Boats (Boats per Week) ($ per Week) ($ per Week) ($ per Week) ($ per Week) ($ per Week) $8,000 0 $0 $0 $0 $6,000 $7,000 CA $ $6,000 $6,000 W N $6,000 $5,000 CA EA CA $6,000 $4,000 A CA CA $6,000 $3,000 5 $ $