a. What quantity of jugs would be sold each day in order to maximize his total revenue? Quantity: b. What price would the chief charge? Price: $ c. What is MR at this price and quantity? MR: d. Assuming no marginal costs, what price would the chief charge in order to maximize his total profits? Price: $
a. What quantity of jugs would be sold each day in order to maximize his total revenue? Quantity: b. What price would the chief charge? Price: $ c. What is MR at this price and quantity? MR: d. Assuming no marginal costs, what price would the chief charge in order to maximize his total profits? Price: $
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Transcribed Image Text:3:04:11
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a. What quantity of jugs would be sold each day in order to maximize his total revenue?
Quantity:
b. What price would the chief charge?
Price: $
c. What is MR at this price and quantity?
MR:
Quantity per period
d. Assuming no marginal costs, what price would the chief charge in order to maximize his total profits?
Price: $
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Transcribed Image Text:The graph below shows the daily demand curve for fresh spring water in a remote mountain village in the land of Far Country. The only
spring is controlled by the village chief who earns revenue from the sale of water in order to cover the costs of running the village. The
villagers bring their own jugs and pay a price per jug as they leave.
Price
5
4
3
2
1
0
20
40
60
80
Quantity per period
100
D
120
k
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