305 Getting the Most Out of Your Money

305 Getting the Most Out of Your Money - revenue without...

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Quantity Price (In whole dollars) Total Revenue Marginal Revenue Total Cost Marginal Cost Profit (or loss) 0 42 0 0 35 -35 1 41 41 41 68 33 -27 2 40 80 39 94 26 -14 3 39 117 37 107 13 10 4 38 152 35 114 7 38 5 37 185 33 129 15 56 6 36 216 31 180 51 36 7 35 245 29 235 55 10 8 34 272 27 296 61 -24 Marginal Revenue Marginal Cost 0 6.5 13 19.5 26 32.5 39 45.5 52 58.5 65 0 1 2 3 4 5 6 7 8 Price Quantity Nike Kaishi Run Sneakers
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1. What product market did you choose for this data to represent? Explain why. A: I chose Nike Kasha Run Sneakers to be represented by my data. I thought that the price range suited my generated data. 2. At which price and quantity does marginal cost nearly equal marginal
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Unformatted text preview: revenue without exceeding it? Highlight this point on your graph. A: the lines intersect at (5.4,32.5) this means that they can sell 5.4 sneakers without exceeding their marginal revenue. Since thy can’t really break a sneaker apart thy would sell 5 sneakers. 3. If you were in business for this product, at which price and quantity level would you sell? Explain why. A: I would sell this product at $32.50 each if you bought 5 sneakers. That would maximize my profit Nike Kaishi Run Sneakers...
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