The table below contains some revenue and cost data for the Rising Moon T-shirt Company (quantities for packets of a dozen shirts), which is in long-term equilibrium.a. Complete the blanks in the following table. Round your answers in the "AC" column to 2 decimal places. QuantityPriceTRMRTCMCAC0/$ / / $128 //1 70 160 2 136 190 3 198 230 4 256 272 5 310 315 6 360 360 7 406 406 8 448 453 b. What is the profit-maximizing price and output for Rising Moon? Price: $ Output: c. At the profit-maximizing output, what are MC and MR? MC: $ MR: $ d. At the profit-maximizing output, what are AC and AR? Round your AC answer to 2 decimal places. AC: $ AR: $ e. Given your answers above, what type of market must Rising Moon be operating in?

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Answered: The table below contains some revenue…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table below contains some revenue and cost data for the Rising Moon T-shirt Company (quantities for packets of a dozen shirts), which is in long-term equilibrium.

a. Complete the blanks in the following table. Round your answers in the "AC" column to 2 decimal places.

Quantity	Price	TR	MR	TC	MC	AC
0	/	$ /	/	$128	/	/
1		70		160
2		136		190
3		198		230
4		256		272
5		310		315
6		360		360
7		406		406
8		448		453

b. What is the profit-maximizing price and output for Rising Moon?

Price: $

Output:

c. At the profit-maximizing output, what are MC and MR?

MC: $

MR: $

d. At the profit-maximizing output, what are AC and AR? Round your AC answer to 2 decimal places.

AC: $

AR: $

e. Given your answers above, what type of market must Rising Moon be operating in?

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