Assume that price of Cotton Candy Machines is $60. a.) How many machines will Candace produce to maximize p Using the table in Question 3.3, answer the following questions: b.) How much revenue will Candace earn at the profit-maximizing
Assume that price of Cotton Candy Machines is $60. a.) How many machines will Candace produce to maximize p Using the table in Question 3.3, answer the following questions: b.) How much revenue will Candace earn at the profit-maximizing
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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part C D
i need in words
not handwritten or pic.........
![3.3 Complete and use the following table of information to answer the question below.
(please replicate the table in your answer file).
Cost Schedule for Candace's Cotton Candy Machines
Number
of Cotton
Candy
Machines
0
1
2
3
4
5
TVC
270
MC
50
AVC
46.67
TFC
TC
100
300
AFC
Assume that price of Cotton Candy Machines is $60.
a.) How many machines will Candace produce to maximize profit?
Using the table in Question 3.3, answer the following questions:
b.) How much revenue will Candace earn at the profit-maximizing level of output?
c.) How much profit will Candace make?
d.) Will Candace stay in this industry in the Long Run?
ATC
95](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F56cfc860-5dc5-40cf-b8f5-9bc848c465be%2F83de517b-e0b1-463f-a4b9-5b39454efeb4%2F1j08s7d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3.3 Complete and use the following table of information to answer the question below.
(please replicate the table in your answer file).
Cost Schedule for Candace's Cotton Candy Machines
Number
of Cotton
Candy
Machines
0
1
2
3
4
5
TVC
270
MC
50
AVC
46.67
TFC
TC
100
300
AFC
Assume that price of Cotton Candy Machines is $60.
a.) How many machines will Candace produce to maximize profit?
Using the table in Question 3.3, answer the following questions:
b.) How much revenue will Candace earn at the profit-maximizing level of output?
c.) How much profit will Candace make?
d.) Will Candace stay in this industry in the Long Run?
ATC
95
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