. The table represents the hourly output and coststructure for a local pizzeria. The market is per-fectly competitive, and the market price of a pizzain the area is $10. Total costs include all opportu-nity costs. Fixed costs equal zero.Total Hourly Outputand Sales of PizzasTotal HourlyVariable Cost ($)19.2111214518624732842541068a. Calculate the total revenue and total economicprofit for this pizzeria at each rate of output.b. Assuming that the pizzeria always produces andsells at least one pizza per hour, does this appearto be a situation of short-run or long-runequilibrium?c. Calculate the pizzeria's marginal cost and mar-ginal revenue at each rate of output. Based onmarginal analysis, what is the profit-maximizingrate of output for the pizzeria?

Total hourly Sales of Pizza or Output Variable Cost Fixed Cost Price Total Revenue Total Cost =…

Answered: a. Calculate th profit for th. b.…

Business

Economics

a. Calculate th profit for th. b. Assuming th sells at least

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

. The table represents the hourly output and cost
structure for a local pizzeria. The market is per-
fectly competitive, and the market price of a pizza
in the area is $10. Total costs include all opportu-
nity costs. Fixed costs equal zero.
Total Hourly Output
and Sales of Pizzas
Total Hourly
Variable Cost ($)
1
9.
2
11
12
14
5
18
6
24
7
32
8
42
54
10
68
a. Calculate the total revenue and total economic
profit for this pizzeria at each rate of output.
b. Assuming that the pizzeria always produces and
sells at least one pizza per hour, does this appear
to be a situation of short-run or long-run
equilibrium?
c. Calculate the pizzeria's marginal cost and mar-
ginal revenue at each rate of output. Based on
marginal analysis, what is the profit-maximizing
rate of output for the pizzeria?

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