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Question - The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm producing different quantities of apple pies. The market price of apple pies is $4.00 per pie.
a. Fill in the marginal revenue (MR) and average revenue (AR) columns.
Baker Street's Costs and Revenues
Quantity (apple pies)
TC (dollars)
MC (dollars)
MR (dollars)
AR (dollars)
5
55.00
$1.00
$
10
57.50
0.50
15
62.50
1.00
20
72.50
2.00
25
92.50
4.00
30
122.50
6.00
b. At the market price of $4.00 per apple pie, how many apple pies should Baker Street make?
b. If the market price for apple pies were to rise to $6.00 per apple pie, how many apple pies should Baker Street make?
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