Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The table below represents the hourly output and cost structure for a local pizza shop. The market is perfectly?competitive, and the market price of a

The table below represents the hourly output and cost structure for a local pizza shop. The market is perfectly?competitive, and the market price of a pizza in the area is ?$8. Total costs include all implicit opportunity costs. Calculate the pizza?shop's marginal cost and marginal revenue at each rate of output and fill in the values in the table.

Not sure if I'm calculating this correctly for marginal revenue or marginal cost.

image text in transcribed
Total Hourly Output Total Hourly Total Total Economic Marginal Marginal and Sales of Pizzas Cost ($) Revenue (S) Profit ($) Cost (S) Revenue ($) 6 10 8 - 2 4 12 16 4 2 13 24 11 15 32 17 N 19 40 N 4 25 48 23 33 56 23 Ca 43 64 N 10 55 72 17 12 10 71 80 LO 16

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Slavery And American Economic Development

Authors: Gavin Wright

1st Edition

0807152285, 9780807152287

More Books

Students also viewed these Economics questions

Question

What are the two circumstances that result in modified opinions?

Answered: 1 week ago

Question

Under what circumstances are pay differentials justified?

Answered: 1 week ago