Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price (P) Per Hour (Q) 0 1 2 3 4 5 6 7 8 $6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 Total Cost (TC) $2.00 6.00 9.00 11.50 13.50 15.00 16.00 17.50 20.00 a. To maximize profits, Maria should sell loaves of ciabatta bread per hour. (Enter your response as an integer.) Maria should charge a price of $. (Enter your response rounded to two decimal places.) Maria's maximum profit is $. (Enter your response rounded to two decimal places.) >. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.) The marginal cost when selling he profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)

Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price (P) Per Hour (Q) 0 1 2 3 4 5 6 7 8 $6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 Total Cost (TC) $2.00 6.00 9.00 11.50 13.50 15.00 16.00 17.50 20.00 a. To maximize profits, Maria should sell loaves of ciabatta bread per hour. (Enter your response as an integer.) Maria should charge a price of $. (Enter your response rounded to two decimal places.) Maria's maximum profit is $. (Enter your response rounded to two decimal places.) >. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.) The marginal cost when selling he profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.

Question

Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs:
Ciabatta Bread Sold Price (P)
Per Hour (Q)
0
123 456
7
8
$6.00
5.50
5.00
4.50
4.00
3.50
3.00
2.50
2.00
Total
Cost (TC)
$2.00
6.00
9.00
11.50
13.50
15.00
16.00
17.50
20.00
loaves of ciabatta bread per hour. (Enter your response as an integer.)
a. To maximize profits, Maria should sell
Maria should charge a price of $ (Enter your response rounded to two decimal places.)
Maria's maximum profit is $
(Enter your response rounded to two decimal places.)
b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ (Enter your response rounded to two decimal places.) The marginal cost when selling
the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)

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Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price Per Hour (Q) (P) 0 $6.00 1 5.50 2 5.00 3 4.50 4 4.00 5 3.50 6 3.00 7 2.50 8 2.00 Total Cost (TC) $2.00 6.50 10.00 13.00 15.50 17.50 19.00 21.00 24.00 loaves of ciabatta bread per hour. (Enter your response as an integer.) a. To maximize profits, Maria should sell Maria should charge a price of $ Maria's maximum profit is $ (Enter your response rounded to two decimal places.) (Enter your response rounded to two decimal places.) (Enter your b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)
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