Solve clearly

How much should George charge if he must charge a single price to all customers? $ At this price, how many portraits will George produce each day? portraits What will be his economic profit? $ per day b. How much consumer surplus is generated each day at this price? $ c. What is the socially efficient number of portraits? portraits 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 price he likes to any consumer, how many portraits will he produce each day? portraits. What will his economic profit be? $ per day e. In this case, how much consumer surplus is generated each day? $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 $35. a. Complete the following table. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Enter your responses as whole numbers. Total Reservation revenue Marginal price ($ per ($ per revenue ($ Customer photo) day) per photo) 1 50 2 46 3 42 38 5 34 6 30 7 26 8 22