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
2
12
20
8
3
13
30
17
4
15
40
25
5
19
50
31
6
25
60
35
7
33
70
37
8
43
80
37
9
55
90
35
10
71
100
29
How I calculate this?
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 |
||
|
2 |
12 |
20 |
8 |
||
|
3 |
13 |
30 |
17 |
||
|
4 |
15 |
40 |
25 |
||
|
5 |
19 |
50 |
31 |
||
|
6 |
25 |
60 |
35 |
||
|
7 |
33 |
70 |
37 |
||
|
8 |
43 |
80 |
37 |
||
|
9 |
55 |
90 |
35 |
||
|
10 |
71 |
100 |
29 |
How I calculate this?
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Related questions
The following table shows the total cost schedule for a perfectly competitive firm. The current price in this industry is $20. Fill in the marginal revenue and marginal cost columns of the table. (Enter your response as an integer.)
| Output (units) (Q) | Total Cost (TC) | Marginal Revenue (MR) | Marginal Cost (MC) |
| 0 | 40 | - | - |
| 1 | 45 | ||
| 2 | 55 | ||
| 3 | 70 | ||
| 4 | 90 | ||
| 5 | 115 |
How I calculate this?
