What should the blanks be and can I have an explanation?
calog and Study Tools Attempts: Average: 15 rtner Offers 2. Marginal analysis and profit maximization ental Options Suppose Juanita gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some ollege Success Tips market power. Assume that she does not incur fixed costs, and the only significant variable cost to Juanita is her time. As she gives more haircuts, Juanita must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. areer Success Tips If she gives two haircuts, she gives up reading the paper and sleeping an extra half-hour. Help Juanita's clients are a varied group willing to pay between $20.00 and $30.00 for a haircut. Assume that Juanita cannot price discriminate, i.e., charge different clients different prices. If Juanita charges $30.00 per haircut, she will have one client per week; if she charges $27.50, she will have two; if Give Feedback she charges $25.00, three, and so forth. The following table contains data on the revenues and costs of Juanita's haircut business as a function of her price-quantity choice. (The costs are based on the value of Juanita's alternative activities, in dollar terms. For example, the total cost of the first haircut is $5-the value Juanita places on reading the newspaper after breakfast.) Fill in the missing cells of the table and then use them to answer the questions that follow. Marginal Output Price Total Revenue Revenue Total Cost Marginal Cost Profit (Haircuts per (Dollars per ( Dollars per (Dollars per (Dollars per week) haircut) week haircut) week) (Dollars per haircut) (Dollars per week) 30.00 0 30.00 30.00 5.00 2 27.50 55.00 25.00 5.00 5.00 25.00 10.00 A W 20.00 10.00 45.00 25.00 75.00 20.00 55.00 22.50 20.00 20.00 100.00 10.00 40.00 70.00 30.00 30.00 On the following graph, use the blue points (circle symbol) to plot Juanita's total revenue curve, use the orange points (square symbol) to plot her total cost curve, and use the purple points (diamond symbol) to plot her profit curve. Be sure to graph from left to right, starting with zero haircuts and ending with five. Line segments will automatically connect the points