How many meals should the grill produce to maximize profits

Reference no: EM131181658

The Top Notch Grill's marginal costs of producing take-out meals are described below.

a. Assuming that the Grill has fixed costs of $7, what is its total cost at each level of production? (Add a column to the table.)

b. Assume that meals sell for $10 each and the Grill is a perfectly competitive firm. What are the Grill's total revenue (price × quantity), marginal revenue, and total profit (total revenue - total cost), at each level of production? (Add three more columns to the table.)

c. How many meals should the Grill produce, to maximize profits? Explain in a sentence or two how you arrived at your answer.

Reference no: EM131181658

Questions Cloud

Calculate the marginal cost schedule for the firm in a table : If the price of gizmos on the market is $175 each, how many gizmos should the firm produce to maximize profits? What is the level of the firm's revenues at its chosen output level? How much does it make in profit?

Time management or general managerial ability : Is this founders problem one of time management or general managerial ability? Would it be feasible to engage a management consultant to help solve the firms problems?

What is the output level that maximizes profits : Suppose that bicycles sell for $200 each, and the firm is a price taker. Create a table showing the marginal cost, total cost, marginal revenue, total revenue (price × quantity), and total profit (total revenue - total cost) at each level of produ..

Advantages and the limitations of the managerial style : What are the advantages and the limitations of the managerial style described? - Now might such managerial methods affect morale?

How many meals should the grill produce to maximize profits : How many meals should the Grill produce, to maximize profits? Explain in a sentence or two how you arrived at your answer.

How does it apply to communication in small firms : There is a saying that goes -What you do speaks so loudly I can't hear what you say." What does this mean, and how does it apply to communication in small firms?

Required to submit a research paper : You are required to submit a research paper (minimum of 14 pages / maximum of 16 pages), not including title, reference, or other non-text pages, diagrams, etc.) using the following parameters: Describe a project to security at facility using the ..

Present a plan for argument you will be presenting in paper : present a plan for the argument you will be presenting in your paper. In a few sentences each, identify and explain the following items for your specific argument

Relationship between planning and control in small business : Explain the relationship between planning and control in a small business. - Give an example.

User Account

All Pages