I recently submitted this question earlier and I got the error message saying that it cannot be answered due to it already being graded. This question has not been graded yet and I really need help on this question. If it's also needed, I understand if only the first three parts can only be answered, thank you. N Course: EC 201 Microeconom XMindTap - Cengage Learning X O ECN 221 Micro Final Flashcar x O ECN 221 Micro Final Flashcar XSuccess Confirmation of Que+←C ✰ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=56960519240215212983351261543&elSBN=9781305648173&id=1488825767&snapshotld=2941604&Kathryn ✓«CENGAGE MINDTAPMy HomeCritical Analysis Questions (Ch 10)CoursesCatalog and Study ToolsRod N. Reel owns a dealership that sells fishing boats in an open price-searcher market. To develop his pricing strategy, Rod hired an economist toestimate his demand curve. The first two columns of the chart provide the data for the expected weekly quantity demanded for Rod's fishing boats atalternative prices. Rod's marginal (and average) cost of supplying each boat is constant at $5,000 per boat, no matter how many boats he sells perweek in this range. This cost includes all opportunity costs and represents the economic cost per boat.Rental OptionsCollege Success TipsCareer Success TipsRECOMMENDED FOR YOUComplete the following table by finding the total revenue and total cost per week at each quantity, the marginal revenue and marginal cost from thesale of each additional boat, and the economic profit per week at each quantity.Fishing BoatsSoldTotalRevenueMarginalRevenueMarginalCostEconomicProfitTotal CostPrice of FishingBoats(Boats per Week)($ per Week)($ per week)($ per week)($ per Week)($ per Week)$9,0000$$8,0001$$$5,000$5,000$$$7,0002$$$$5,000$6,0003$$$$$5,000$5,0004$$$$$5,000$4,0005$$$per boat. At this price, Rod will sellboats per week at theIf Rod wants to maximize his profits, he should charge a price ofprofit-maximizing price.8:48°F Clear8(2Study ToolsStudy Tools for Principles ofEconomics? HelpGive FeedbackIType here to searchC$$0$0Q Search this course● X$02:33 PM(1)6/14/2022кX:?A-Z(((bongo· N Course: EC 201 Microeconom XMindTap - Cengage Learning X Q ECN 221 Micro Final Flashcar X O ECN 221 Micro Final Flashcar XSuccess Confirmation of Que x +←C ✰ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=56960519240215212983351261543&elSBN=9781305648173&id=1488825767&snapshotld=2941604&Kathryn ✓«CENGAGE MINDTAPMy HomeCritical Analysis Questions (Ch 10)CoursesAt this price and sales volume, Rod's profits per week will be $Catalog and Study ToolsTrue or False: At the price and sales level where profits are maximized, Rod has sold all boats that have higher marginal revenue than marginal cost.Rental OptionsO TrueCollege Success TipsO FalseCareer Success TipsRod's profits are typical of all firms in the boat sales business.RECOMMENDED FOR YOUThese profits will induce firms tothe industry until economic profits are eliminated.Recall the relationship between elasticity of demand, price changes, and their impact on total revenues.Thus, demand isover this range ofAs Rod lowers his price from $9,000 to $5,000 his total revenues keepprices.When Rod lowers his price from $5,000 to $4,000, his total revenueprices.8(2Study ToolsStudy Tools for Principles ofEconomics? HelpGive FeedbackIType here to searchCThus, demand isGrade It NowQ Search this course● Xbetween these twoSave & ContinueContinue without saving48°F Clear4)2:33 PM6/14/2022кX:?A-Z(((bongo·

Introduction Data of weekly sold boats and revenue of boats of Rod has given. Table: Price ($)…

Rod N. Reel owns a dealership that sells fishing boats in an open price-searcher market. To develop his pricing strategy, Rod hired an economist to estimate his demand curve. The first two columns of the chart provide the data for the expected weekly quantity demanded for Rod's fishing boats at alternative prices. Rod's marginal (and average) cost of supplying each boat is constant at $5,000 per boat, no matter how many boats he sells per week in this range. This cost includes all opportunity costs and represents the economic cost per boat. Complete the following table by finding the total revenue and total cost per week at each quantity, the marginal revenue and marginal cost from the sale of each additional boat, and the economic profit per week at each quantity. Fishing Boats Sold (Boats per week) Total Revenue ($ per week) Marginal Revenue Marginal Cost Price of Fishing Boats Economic Profit Total Cost ($ per Week) ($ per week) ($ per Week) ($ per week) $9,000 $ $5,000 $8,000 S $ $ $5,000 $7,000 2 S $ -$5,000 $6,000 3 $ $ $5,000 $5,000 $ $ $ $5,000 $4,000 5 S $ If Rod wants to maximize his profits, he should charge a price of per boat. At this price, Rod will sell profit-maximizing price. 0 1 $0 $ $ $0 boats per week at the $0

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC