Explain what are the profits at this level of visits

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Reference no: EM1353462

The following table provides data regarding the cost functions for clinic visits in a small inner city clinic. Based on the data provided determine the following-

Quantity of Visits Total Cost per Week

0 $10

1 $15

2 $25

3 $45

4 $75

5 $115

6 $165

a. Determine the marginal cost for each level of output

b. If the price per visit is given to be $25, at what level of visits will the maximum profit position be?

c. What are the profits at this level of visits?

d. What is the quantity supplied?

e. If the price per visit increases to $45, what will be the quantity supplied assuming maximizing profits?

Reference no: EM1353462

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