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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, 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 $15. a. Complete the following table. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Enter your responses as whole numbers. Reservation Total revenue Customer price ($ per photo) ($ per day) Marginal revenue ($) per photo) 50 1 50 50 42 2 46 92 34 3 42 126 26 4 38 152 18 34 170
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