Question 15 AMSN.com Hollnil Outlo X Chambe\'lain Urne, sity × Week 3: MEL Hon w

Question

Question 15

AMSN.com Hollnil Outlo X Chambe'lain Urne, sity × Week 3: MEL Hon wurk × @ Do Homework Pamela HdX www.google.com/ CSearch Principles of Economics Pamela Harris 11/10/17 12:19 PM Homework: Week 3 Homework 35 pts Save Score: 0 of 1 pt 15 of 35 (14 complete) HW Score: 39.05%, 13.67 of 35 pts Checkpoint 2 Problem 3 Question Help San's Salon is a single-price monopoly Price (dollars per Total cost (dollars per hour) Quantity The table shows the demand schedule for Sam's Salon (columns 1 and 2) and the firm's total cost per hour) schedule (columns 2 and 3). What is Sam's profit-maximizing output, prica, and economic profit? Sam's profit-maximizing output is haircuts an hour 10 9 16 25 36 .. 1.1 :/ . | (U) More Enter your answer in the answer box and then click Check Answer Clear All Check Answer 15h Type here to search 2:19 PM 11/10/2017

Explanation / Answer

Answer

MC of n the unit= TC of n units - TC of n-1 units

TR=P*Q

MR of n the unit= TR of n units -TR of n-1 units

The profit is maximum at MR=MC

where

Q=2 units

And

P=$8

Profit=$7

Sam will produce 2 haircuts an hour

P Q TC MC TR MR Profit 10 0 1 0 -1 9 1 4 3 9 9 5 8 2 9 5 16 7 7 7 3 16 7 21 5 5 6 4 25 9 24 3 -1 5 5 36 11 25 1 -11

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