Homework SourseThe table below depicts the prices and total costs a local u
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.)
Output
Price per
Book ($)
Total
Costs ($)
Total
Revenue ($)
Total
Profit ($)
Marginal
Revenue ($)
Marginal
Cost ($)
0
5.755.75
4.004.00
nothing
nothing
minus
minus
1
5.505.50
7.257.25
nothing
nothing
nothing
nothing
2
5.255.25
9.509.50
nothing
nothing
nothing
nothing
3
5.005.00
11.6011.60
nothing
nothing
nothing
nothing
4
4.754.75
14.1014.10
nothing
nothing
nothing
nothing
5
4.504.50
17.6017.60
nothing
nothing
nothing
nothing
6
4.254.25
21.7521.75
nothing
nothing
nothing
nothing
7
4.004.00
26.5026.50
nothing
nothing
nothing
nothing
| Output | Price per Book ($) | Total Costs ($) | Total Revenue ($) | Total Profit ($) | Marginal Revenue ($) | Marginal Cost ($) |
| 0 | 5.755.75 | 4.004.00 | nothing | nothing | minus | minus |
| 1 | 5.505.50 | 7.257.25 | nothing | nothing | nothing | nothing |
| 2 | 5.255.25 | 9.509.50 | nothing | nothing | nothing | nothing |
| 3 | 5.005.00 | 11.6011.60 | nothing | nothing | nothing | nothing |
| 4 | 4.754.75 | 14.1014.10 | nothing | nothing | nothing | nothing |
| 5 | 4.504.50 | 17.6017.60 | nothing | nothing | nothing | nothing |
| 6 | 4.254.25 | 21.7521.75 | nothing | nothing | nothing | nothing |
| 7 | 4.004.00 | 26.5026.50 | nothing | nothing | nothing | nothing |
Solution
I think the the values given under Total cost colomn is wrong. I was trying to answer in the following table, but not able to complete due to the wrong table values. plz confirm the values.
Price per
Book ($)
Total
Costs ($)
Total
Revenue ($)
Col1 * Col2
Total
Profit ($)
TR - TC
Marginal
Revenue ($)
Marginal
Cost ($)
| Output | Price per Book ($) | Total Costs ($) | Total Revenue ($) Col1 * Col2 | Total Profit ($) TR - TC | Marginal Revenue ($) | Marginal Cost ($) |
| 0 | 5,755.75 | 4,004.00 | 0 | -4,004 | ||
| 1 | 5,505.50 | 7,257.25 | 5,506 | -1,751 | ||
| 2 | 5,255.25 | 9,509.50 | 10,511 | 1,002 | ||
| 3 | 5,005.00 | 11,6011.60 | 15,015 | |||
| 4 | 4,754.75 | 14,1014,10 | 19,019 | |||
| 5 | 4,504.50 | 17,6017.60 | 22,523 | |||
| 6 | 4,254.25 | 21,7521.75 | 25,526 | |||
| 7 | 4,004.00 | 26,5026.50 | 28,028 |
