Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $
Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $
Chapter1: Making Economics Decisions
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Costs and Profit Maximization: Work It Out 1
Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table.
| Number of Photocopies Per Month | Total Cost | Fixed Cost | Variable Cost | Total Revenue | Profit |
|---|---|---|---|---|---|
| 0 | $100 | ||||
| 1,000 | $110 | ||||
| 2,000 | $125 | ||||
| 3,000 | $145 | ||||
| 4,000 | $175 | ||||
| 5,000 | $215 | ||||
| 6,000 | $285 |
a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy.
Margie's fixed cost is: $
Variable cost, 0 photocopies/month: $
Variable cost, 1,000 photocopies/month: $
Variable cost, 2,000 photocopies/month: $
Variable cost, 3,000 photocopies/month: $
Variable cost, 4,000 photocopies/month: $
Variable cost, 5,000 photocopies/month: $
Variable cost, 6,000 photocopies/month: $
Total revenue, 0 photocopies/month: $
Total revenue, 1,000 photocopies/month: $
Total revenue, 2,000 photocopies/month: $
Total revenue, 3,000 photocopies/month: $
Total revenue, 4,000 photocopies/month: $
Total revenue, 5,000 photocopies/month: $
Total revenue, 6,000 photocopies/month: $
Profit, 0 photocopies/month: $
Profit, 1,000 photocopies/month: $
Profit, 2,000 photocopies/month: $
Profit, 3,000 photocopies/month: $
Profit, 4,000 photocopies/month: $
Profit, 5,000 photocopies/month: $
Profit, 6,000 photocopies/month: $
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