Solution-Find total costs of production

Find total costs of production

Assignment Help Business Economics

Reference no: EM133067352

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
$16	3		$24
$14	4		$32
$12	5		$40
$10	6		$48
$8	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?

Reference no: EM133067352

Questions Cloud

Expected return on the complete portfolio subject : You manage a risky portfolio with an expected rate of return of 18% and a standard deviation of 28%. The T-bill rate is 8%.

How many payments are required to settle the loan : General Computers Inc. purchased a computer server for $58,000. How many payments are required to settle the loan

Examine the reductionist thinking and social ruthlessness : Carefully examine the reductionist thinking and social ruthlessness of those (the World Bank and IMF included) spearheading the drive to 'commodify' water.

Prepare the journal entries to record the transactions : Darby Corporation receives its annual property tax bill in the amount of $10,500 on May 31. Prepare the journal entries to record the transactions

Find total costs of production : 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

Determine the present value of a perpetuity : 1.) If money is worth 8%, determine the present value of a perpetuity of P1,000 payable annually, with the first payment due at the end of 5 years.

Explain the dramatic rise in price of a college education : -College enrollments increased at the same time that average tuition rose dramatically. Does this contradict the law of downward-sloping demand?

What is the proper cash flow amount : What is the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project? Explain. (Ignore tax effect.)

What is the current dividend per share : If it's the company's policy to always maintain a constant growth rate in its dividends, what is the current dividend per share

User Account

All Pages

Find total costs of production

Reference no: EM133067352

Reference no: EM133067352

Questions Cloud

Reviews

Write a Review

Business Economics Questions & Answers

Economics assignment

Demand and supply curves

Long-run perfectly competitive equilibrium for the firm

Supply and demand diagrams

Case study: fisher-price toys

Draw the production possibility curve

Tax revenue

Maximize total welfare

Difference between the cv and the ev

Depict von neumann-morgenstern utility index u in a diagram

What is the market solution

Calculate gross national product and net national product

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT