3. Problems and Applications Q3Johnny Rockabilly has just finished recording his latest CD. The company can produce the CD with no fixed cost and a variable cost of $7 per CD. Hisrecord company's marketing department determines that the demand for the CD is as follows:Complete the following table by computing total revenue for each quantity listed and marginal revenue for each 1,000 increase in the quantity sold.Marginal Revenue(Dollars)PriceTotal Revenue(Dollars) Number of CDs (Dollars)2512,0002413,0002314,0002215,0002116,0002017,000Profit is maximized at a quantity ofCDs and a price ofThis results in a profit of SIf you were Johnny's agent, you would advise Johnny to demand a recording fee offrom the record company.

Profit Formula = TR - TC = TR - (FC+VC)

Answered: lems | bartleby

Business

Economics

lems

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

3. Problems and Applications Q3
Johnny Rockabilly has just finished recording his latest CD. The company can produce the CD with no fixed cost and a variable cost of $7 per CD. His
record company's marketing department determines that the demand for the CD is as follows:
Complete the following table by computing total revenue for each quantity listed and marginal revenue for each 1,000 increase in the quantity sold.
Marginal Revenue
(Dollars)
Price
Total Revenue
(Dollars) Number of CDs (Dollars)
25
12,000
24
13,000
23
14,000
22
15,000
21
16,000
20
17,000
Profit is maximized at a quantity of
CDs and a price of
This results in a profit of S
If you were Johnny's agent, you would advise Johnny to demand a recording fee of
from the record company.

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