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Question 2. Production and Costs. For some reason, your professor has left his job at Akerlof's and is now running a shwarma shop called, oh, let's say, Daron's. Their production schedule is listed below: Quantity Price 0 20 1 18 2 16 3 14 4 12 5 10 6 8 7 6 8 4 9 Total Revenue Marginal Revenue Total Cost Marginal Cost Profit XXXXXX 5 XXXXXXXX 10 10 10 10 10 10 10 10 10 10 10 (a) (b) (c) (d) 2 0 Provide a value for each empty cell in the chart. One point is granted for filling in each column mostly correctly, with the fifth point reserved for those students who make no errors at all on this question. Your professor has forgotten economics because he is so focused on shwarma. Assume your professor is a monopolist. Please explain to the professor what quantity he should produce and what price he will charge. Is this a long-run or short-run cost schedule? Explain fully how you know. Suppose that your professor was inexplicably at the vanguard of fashion, and suddenly shwarma stores are opening all over the place. The market price of shwarma drops to $8. Give your professor advice.

Question 2. Production and Costs. For some reason, your professor has left his job at Akerlof's and is now running a shwarma shop called, oh, let's say, Daron's. Their production schedule is listed below: Quantity Price 0 20 1 18 2 16 3 14 4 12 5 10 6 8 7 6 8 4 9 Total Revenue Marginal Revenue Total Cost Marginal Cost Profit XXXXXX 5 XXXXXXXX 10 10 10 10 10 10 10 10 10 10 10 (a) (b) (c) (d) 2 0 Provide a value for each empty cell in the chart. One point is granted for filling in each column mostly correctly, with the fifth point reserved for those students who make no errors at all on this question. Your professor has forgotten economics because he is so focused on shwarma. Assume your professor is a monopolist. Please explain to the professor what quantity he should produce and what price he will charge. Is this a long-run or short-run cost schedule? Explain fully how you know. Suppose that your professor was inexplicably at the vanguard of fashion, and suddenly shwarma stores are opening all over the place. The market price of shwarma drops to $8. Give your professor advice.

Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter11: Marketing And Distribution
Section: Chapter Questions
Problem 19AA
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Question 2. Production and Costs. For some reason, your professor has left his job at Akerlof's and is now running a shwarma shop called, oh, let's say, Daron's. Their production schedule is listed below: Quantity Price 0 20 1 18 2 16 3 14 4 12 5 10 6 8 7 6 8 4 9 Total Revenue Marginal Revenue Total Cost Marginal Cost Profit XXXXXX 5 XXXXXXXX 10 10 10 10 10 10 10 10 10 10 10 (a) (b) (c) (d) 2 0 Provide a value for each empty cell in the chart. One point is granted for filling in each column mostly correctly, with the fifth point reserved for those students who make no errors at all on this question. Your professor has forgotten economics because he is so focused on shwarma. Assume your professor is a monopolist. Please explain to the professor what quantity he should produce and what price he will charge. Is this a long-run or short-run cost schedule? Explain fully how you know. Suppose that your professor was inexplicably at the vanguard of fashion, and suddenly shwarma stores are opening all over the place. The market price of shwarma drops to $8. Give your professor advice.
Transcribed Image Text:Question 2. Production and Costs. For some reason, your professor has left his job at Akerlof's and is now running a shwarma shop called, oh, let's say, Daron's. Their production schedule is listed below: Quantity Price 0 20 1 18 2 16 3 14 4 12 5 10 6 8 7 6 8 4 9 Total Revenue Marginal Revenue Total Cost Marginal Cost Profit XXXXXX 5 XXXXXXXX 10 10 10 10 10 10 10 10 10 10 10 (a) (b) (c) (d) 2 0 Provide a value for each empty cell in the chart. One point is granted for filling in each column mostly correctly, with the fifth point reserved for those students who make no errors at all on this question. Your professor has forgotten economics because he is so focused on shwarma. Assume your professor is a monopolist. Please explain to the professor what quantity he should produce and what price he will charge. Is this a long-run or short-run cost schedule? Explain fully how you know. Suppose that your professor was inexplicably at the vanguard of fashion, and suddenly shwarma stores are opening all over the place. The market price of shwarma drops to $8. Give your professor advice.
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