The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm producing different quantities of apple pies. The market price of apple pies is $10.00 per pie. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Instructions: Round your answers to two decimal places. Baker Street's Costs and Revenues Quantity (apple pies) MR TC (dollars) MC (dollars) (dollars) 25 $205.00 $7.00 $ AR (dollars) $ 30 237.50 6.50 35 272.50 7.00 40 312.50 8.00 45 362.50 10.00 50 422.50 12.00 Instructions: Enter your answers as a whole number. b. At the market price of $10.00 per apple pie, how many apple pies should Baker Street make? apple pies c. If the market price for apple pies were to rise to $12.00 per apple pie, how many apple pies should Baker Street make? apple pies
The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm producing different quantities of apple pies. The market price of apple pies is $10.00 per pie. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Instructions: Round your answers to two decimal places. Baker Street's Costs and Revenues Quantity (apple pies) MR TC (dollars) MC (dollars) (dollars) 25 $205.00 $7.00 $ AR (dollars) $ 30 237.50 6.50 35 272.50 7.00 40 312.50 8.00 45 362.50 10.00 50 422.50 12.00 Instructions: Enter your answers as a whole number. b. At the market price of $10.00 per apple pie, how many apple pies should Baker Street make? apple pies c. If the market price for apple pies were to rise to $12.00 per apple pie, how many apple pies should Baker Street make? apple pies
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm producing different
quantities of apple pies. The market price of apple pies is $10.00 per pie.
a. Fill in the marginal revenue (MR) and average revenue (AR) columns.
Instructions: Round your answers to two decimal places.
Baker Street's Costs and Revenues
Quantity
(apple pies)
MR
TC (dollars)
MC (dollars)
(dollars)
25
$205.00
$7.00
$
AR
(dollars)
$
30
237.50
6.50
35
272.50
7.00
40
312.50
8.00
45
362.50
10.00
50
422.50
12.00
Instructions: Enter your answers as a whole number.
b. At the market price of $10.00 per apple pie, how many apple pies should Baker Street make?
apple pies
c. If the market price for apple pies were to rise to $12.00 per apple pie, how many apple pies should Baker Street make?
apple pies
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