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Quantity of Visits Supplied Total Costs per Week ($) 0 20 1 30 2 60 3 90 4 150 5 230 6 330 Determine the
Quantity of Visits Supplied | Total Costs per Week ($) |
---|---|
0 | 20 |
1 | 30 |
2 | 60 |
3 | 90 |
4 | 150 |
5 | 230 |
6 | 330 |
- Determine the marginal cost for each level of output. 20-20=0, 30-20=10, 60-30=30, 90-60=30, 150-90= 60, 230-150=80, 330-230=100
- If the price per visit is given to be $50, at what level of visits will the maximum profit position be? What are the profits at this level? What is the quantity supplied?
|$50|
- If the price per visit increases to $90, what will be the quantity supplied (assuming maximizing profits)?
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