Baker Street's Costs and Revenues Quantity (apple pies) MR AR TC (dollars) MC (dollars) (dollars) 15 $155.00 $9.00 $ (dollars) $ 20 197.50 8.50 25 242.50 9.00 30 292.50 10.00 35 352.50 12.00 40 422.50 14.00 Instructions: Enter your answers as a whole number. b. At the market price of $12.00 per apple pie, how many apple pies should Baker Street make? apple pies c. If the market price for apple pies were to rise to $14.00 per apple pie, how many apple pies should Baker Street make? apple pies
Baker Street's Costs and Revenues Quantity (apple pies) MR AR TC (dollars) MC (dollars) (dollars) 15 $155.00 $9.00 $ (dollars) $ 20 197.50 8.50 25 242.50 9.00 30 292.50 10.00 35 352.50 12.00 40 422.50 14.00 Instructions: Enter your answers as a whole number. b. At the market price of $12.00 per apple pie, how many apple pies should Baker Street make? apple pies c. If the market price for apple pies were to rise to $14.00 per apple pie, how many apple pies should Baker Street make? apple pies
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
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![The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm
producing different quantities of apple pies. The market price of apple pies is $12.00 per pie.
a. Fill in the marginal revenue (MR) and average revenue (AR) columns.
Instructions: Round your answers to two decimal places.
Baker Street's Costs and Revenues
Quantity
(apple pies)
MR
TC (dollars)
MC (dollars)
(dollars)
15
$155.00
$9.00
$
AR
(dollars)
$
20
197.50
8.50
25
242.50
9.00
30
292.50
10.00
35
352.50
12.00
40
422.50
14.00
Instructions: Enter your answers as a whole number.
b. At the market price of $12.00 per apple pie, how many apple pies should Baker Street make?
apple pies
c. If the market price for apple pies were to rise to $14.00 per apple pie, how many apple pies should Baker Street
make?
apple pies](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff521e420-3ea3-4450-bf29-c5655c52526f%2F7ea37053-73f0-4edf-8b7d-33998f08f264%2Fmrryfci_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm
producing different quantities of apple pies. The market price of apple pies is $12.00 per pie.
a. Fill in the marginal revenue (MR) and average revenue (AR) columns.
Instructions: Round your answers to two decimal places.
Baker Street's Costs and Revenues
Quantity
(apple pies)
MR
TC (dollars)
MC (dollars)
(dollars)
15
$155.00
$9.00
$
AR
(dollars)
$
20
197.50
8.50
25
242.50
9.00
30
292.50
10.00
35
352.50
12.00
40
422.50
14.00
Instructions: Enter your answers as a whole number.
b. At the market price of $12.00 per apple pie, how many apple pies should Baker Street make?
apple pies
c. If the market price for apple pies were to rise to $14.00 per apple pie, how many apple pies should Baker Street
make?
apple pies
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