7.a. What is the market price of a smoothie? 7.b. What is the market quantity of smoothies? 7.c. How many smoothies does each firm sell? 7.d. What is the economic profit made or economic loss incurred by each firm? Output (smoothies per hour) 3 6769456 2 8 Price (dollars per smoothie) 1.90 2.00 2.20 2.91 4.25 5.25 5.50 Marginal cost (dollars per additional smoothie) 2.50 2.20 1.90 2.00 2.91 4.25 8.00 Quantity demanded (smoothies per hour) 1,000 950 800 700 550 400 300 Average Average variable total cost cost (dollars per smoothie) 4.00 7.33 3.53 6.03 3.24 5.24 3.00 4.67 2.91 3.00 3.33 4.34 4.25 4.44

7.a. What is the market price of a smoothie? 7.b. What is the market quantity of smoothies? 7.c. How many smoothies does each firm sell? 7.d. What is the economic profit made or economic loss incurred by each firm? Output (smoothies per hour) 3 6769456 2 8 Price (dollars per smoothie) 1.90 2.00 2.20 2.91 4.25 5.25 5.50 Marginal cost (dollars per additional smoothie) 2.50 2.20 1.90 2.00 2.91 4.25 8.00 Quantity demanded (smoothies per hour) 1,000 950 800 700 550 400 300 Average Average variable total cost cost (dollars per smoothie) 4.00 7.33 3.53 6.03 3.24 5.24 3.00 4.67 2.91 3.00 3.33 4.34 4.25 4.44

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter23: Profit Maximization

Section: Chapter Questions

Problem 9E

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