Suppose you set a single, flat-rate price for your jeans. How much would you charge this individual and how much profit would you make using this pricing strategy:

P flat rate = $ ?

Profit = $ ?
 

Suppose you produce Jeans and an individual walks into your store. The table below gives this individual's demand for your jeans, as well as your total costs of production. Filling in the rest of the cells of the table will be really helpful in answering the next 2 questions. Total Total Marginal Marginal Price Quantity Revenue Cost Revenue Cost $20 1 $8 $18 2 $16 $16 3 $24 $14 4 $32 $12 5 $40 $10 6 $48 $8 7 $56