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Suppose you produce Jeans and an individual walks into your store. The table below gives this individual's demand for your jeans, as well as your total costs of production.
Price
Quantity
Total Rev
Total Cost
Marginal Rev
Marginal Cost
$20
1
$8
$18
2
$16
3
$24
$14
4
$32
$12
5
$40
$10
6
$48
7
$56
a) First, fill in the rest of the table. Suppose you set a single, flat-rate price for your jeans. How much would you charge this individual and how much profit would you make using this pricing strategy?
b) Instead of setting a single, flat-rate price for your jeans, describe a way in which you could increase your profit from this individual consumer. How much profit would you make using your new pricing strategy?
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