Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $
Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 8SQP
Related questions
Question
Costs and Profit Maximization: Work It Out 1
Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table.
Number of Photocopies Per Month | Total Cost | Fixed Cost | Variable Cost | Total Revenue | Profit |
---|---|---|---|---|---|
0 | $100 | ||||
1,000 | $110 | ||||
2,000 | $125 | ||||
3,000 | $145 | ||||
4,000 | $175 | ||||
5,000 | $215 | ||||
6,000 | $285 |
a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy.
Margie's fixed cost is: $
Variable cost, 0 photocopies/month: $
Variable cost, 1,000 photocopies/month: $
Variable cost, 2,000 photocopies/month: $
Variable cost, 3,000 photocopies/month: $
Variable cost, 4,000 photocopies/month: $
Variable cost, 5,000 photocopies/month: $
Variable cost, 6,000 photocopies/month: $
Total revenue, 0 photocopies/month: $
Total revenue, 1,000 photocopies/month: $
Total revenue, 2,000 photocopies/month: $
Total revenue, 3,000 photocopies/month: $
Total revenue, 4,000 photocopies/month: $
Total revenue, 5,000 photocopies/month: $
Total revenue, 6,000 photocopies/month: $
Profit, 0 photocopies/month: $
Profit, 1,000 photocopies/month: $
Profit, 2,000 photocopies/month: $
Profit, 3,000 photocopies/month: $
Profit, 4,000 photocopies/month: $
Profit, 5,000 photocopies/month: $
Profit, 6,000 photocopies/month: $
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax