ECON 3Z03 Lecture 4: Lecture 4 Rationales for Market Intervention
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4 Oct 2018
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The table below represents the hourly output and cost structure for a local pizza shop. The market is perfectly competitive, and the market price of a pizza in this area is $10. Total cost includes all implicit opportunity costs. Calculate the pizza shop's marginal cost and marginal revenue at each rate of output and fill in the values in the table.
Total Hourly Output and Sales of Pizzas |
Total Hourly Cost ($) |
Total Revenue ($) |
Total Economic Profit ($) |
Marginal Cost ($) |
Marginal Revenue ($) |
0 |
6 |
0 |
0 |
- |
- |
1 |
10 |
10 |
0 |
Ā | Ā |
2 |
12 |
20 |
8 |
Ā | Ā |
3 |
13 |
30 |
17 |
Ā | Ā |
4 |
15 |
40 |
25 |
Ā | Ā |
5 |
19 |
50 |
31 |
Ā | Ā |
6 |
25 |
60 |
35 |
Ā | Ā |
7 |
33 |
70 |
37 |
Ā | Ā |
8 |
43 |
80 |
37 |
Ā | Ā |
9 |
55 |
90 |
35 |
Ā | Ā |
10 |
71 |
100 |
29 |
Ā | Ā |
How I calculate this?