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The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm producing different quantities of apple pies.
The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm producing different quantities of apple pies. The market price of apple pies is $7.00 per pie. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Instructions: Round your answers to two decimal places. Baker Street's Costs and Revenues Quantity MR AR (apple pies) TC (dollars) MC (dollars) (dollars) (dollars) 20 $135.00 $6.00 $ $ 25 162.50 5.50 30 192.50 6.00 35 227.50 7.00 40 272.50 9.00 45 327.50 11.00 Instructions: Enter your answers as a whole number. b. At the market price of $7.00 per apple pie, how many apple pies should Baker Street make? apple pies c. If the market price for apple pies were to rise to $9.00 per apple pie, how many apple pies should Baker Street make? apple pies
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