monopoly on the production of baseballs (don't ask how) and faces the demand and cost situation shown in the following table. Price Quantity Total Marginal Total Marginal (per week) Revenue Revenue Cost Cost $20 15,000 $330,000 19 20,000 365,000 18 25,000 405,000 17 30,000 450,000 16 35,000 500,000 15 40,000 555,000 a. Fill in the remaining values in the table. b. If Ed wants to maximize profit, what price should he charge, and how many baseballs should he sell? How much profit (or loss) will he make? Draw a graph to illustrate your answer. Your graph should be clearly labeled and should include Ed's demand, ATC, AVC, MC, and MR curves; the price he is charging; the quantity he is producing; and the area representing his profit (or loss).
monopoly on the production of baseballs (don't ask how) and faces the demand and cost situation shown in the following table. Price Quantity Total Marginal Total Marginal (per week) Revenue Revenue Cost Cost $20 15,000 $330,000 19 20,000 365,000 18 25,000 405,000 17 30,000 450,000 16 35,000 500,000 15 40,000 555,000 a. Fill in the remaining values in the table. b. If Ed wants to maximize profit, what price should he charge, and how many baseballs should he sell? How much profit (or loss) will he make? Draw a graph to illustrate your answer. Your graph should be clearly labeled and should include Ed's demand, ATC, AVC, MC, and MR curves; the price he is charging; the quantity he is producing; and the area representing his profit (or loss).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Can you answer b for me please
Transcribed Image Text:monopoly on the production of baseballs (don't ask how) and faces the
demand and cost situation shown in the following table.
Price
Quantity
Total
Marginal
Total
Marginal
(per week)
Revenue
Revenue
Cost
Cost
$20
15,000
$330,000
19
20,000
365,000
18
25,000
405,000
17
30,000
450,000
16
35,000
500,000
15
40,000
555,000
a. Fill in the remaining values in the table.
b. If Ed wants to maximize profit, what price should he charge, and
how many baseballs should he sell? How much profit (or loss) will
he make? Draw a graph to illustrate your answer. Your graph should
be clearly labeled and should include Ed's demand, ATC, AVC, MC,
and MR curves; the price he is charging; the quantity he is
producing; and the area representing his profit (or loss).
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