You run a coffee shop that is open all day. You are considering staying open in the evening. The total benefit (i.e., revenue) from keeping your coffee shop open for each additional hour at night is shown in the table. Fill out the marginal benefit (the difference from one row to the next). (Enter your answers as a whole number. Include a negative sign (-) if the answer is negative but do not include a plus sign (+) if the answer is positive.) Hours per Night 0 1 2 3 4 5 6 Total Benefit $0 60 90 110 120 110 95 Marginal Benefit If your goal is to maximize total revenue, you should keep your store open hours. (Enter your answer as a whole number.) If you go beyond this amount, the marginal revenue Suppose it costs $25 for each additional hour that you keep the store open. If this is the case, you should keep your store open for hours at night. (Enter your answer as a whole number.)

You run a coffee shop that is open all day. You are considering staying open in the evening. The total benefit (i.e., revenue) from keeping your coffee shop open for each additional hour at night is shown in the table. Fill out the marginal benefit (the difference from one row to the next). (Enter your answers as a whole number. Include a negative sign (-) if the answer is negative but do not include a plus sign (+) if the answer is positive.) Hours per Night 0 1 2 3 4 5 6 Total Benefit $0 60 90 110 120 110 95 Marginal Benefit If your goal is to maximize total revenue, you should keep your store open hours. (Enter your answer as a whole number.) If you go beyond this amount, the marginal revenue Suppose it costs $25 for each additional hour that you keep the store open. If this is the case, you should keep your store open for hours at night. (Enter your answer as a whole number.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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