The table below depicts the prices and total costs a local used-book store faces. The bookstore competes with a number of similar stores, but it capitalizes on its location and the word-of-mouth reputation of the coffee it serves to its customers. Calculate the store's total revenue, total profit, marginal revenue, and marginal cost at each level of output, beginning with the first unit (Enter all values rounded to the nearest penny) Total Marginal Revenue (S) Price per Output Book (S) Costs (S) Total Revenue (S) Total Profit (S) Marginal Cost (S) 5.75 4.00 5.50 7.25 5.5 -1.75 55 3.25 2 5.25 9.50 10.5 5 2.25 3 5.00 11.60 15 34 4.5 2.1 4 4.75 14.10 19 4.9 4 25 5 4.50 17.60 225 4.9 3.5 3.5 6 4.25 21.75 25.5 3.75 4.15 4.00 26.50 28 15 25 4.75 Based on marginal analysis, what is the approximate profit-maximizing level of output for this business?O

The table below depicts the prices and total costs a local used-book store faces. The bookstore competes with a number of similar stores, but it capitalizes on its location and the word-of-mouth reputation of the coffee it serves to its customers. Calculate the store's total revenue, total profit, marginal revenue, and marginal cost at each level of output, beginning with the first unit (Enter all values rounded to the nearest penny) Total Marginal Revenue (S) Price per Output Book (S) Costs (S) Total Revenue (S) Total Profit (S) Marginal Cost (S) 5.75 4.00 5.50 7.25 5.5 -1.75 55 3.25 2 5.25 9.50 10.5 5 2.25 3 5.00 11.60 15 34 4.5 2.1 4 4.75 14.10 19 4.9 4 25 5 4.50 17.60 225 4.9 3.5 3.5 6 4.25 21.75 25.5 3.75 4.15 4.00 26.50 28 15 25 4.75 Based on marginal analysis, what is the approximate profit-maximizing level of output for this business?O

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter23: Profit Maximization

Section: Chapter Questions

Problem 3E

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