Given the information in the table at right, calculate the dry cleaner's marginal revenue (MR) and marginal cost (MC) ateach output level. (Your answer should be rounded to the nearest cent.)TotalOutput(SuitsCleaned) Suit ($) ($)Price TotalperCosts Revenue(S)MC ($) MR ($)8.003.000.0017.506.007.507.008.5014.006.5010.5019.504.6.0011.5024.005.5013.5027.5065.0016.0030.004.5019.0031.504.00 24.0032.00OODOO O O O D O O

Revenue is amount receive by seller when they sell their commodities in the market and the marginal…

Given the information in the table at right, calculate the dry cleaner's marginal revenue (MR) and marginal cost (MC) at each output level. (Your answer should be rounded to the nearest cent.) Output (Suits Cleaned) Suit ($) ($) Total Total Costs Revenue Price per ($) MC ($) MR ($) 8.00 3.00 0.00 1 7.50 6.00 7.50 2 7.00 8.50 14.00 3 6.50 10.50 19.50 4 6.00 11.50 24.00 5.50 13.50 27.50 5.00 16.00 30.00 7 4.50 19.00 31.50 4.00 24.00 32.00 OOOO D O0D

Given the information in the table at right, calculate the dry cleaner's marginal revenue (MR) and marginal cost (MC) at each output level. (Your answer should be rounded to the nearest cent.) Output (Suits Cleaned) Suit ($) ($) Total Total Costs Revenue Price per ($) MC ($) MR ($) 8.00 3.00 0.00 1 7.50 6.00 7.50 2 7.00 8.50 14.00 3 6.50 10.50 19.50 4 6.00 11.50 24.00 5.50 13.50 27.50 5.00 16.00 30.00 7 4.50 19.00 31.50 4.00 24.00 32.00 OOOO D O0D

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter11: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 14CQ

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