Aplia Student Question . iz action takeQuiz&quiz;_probGuidAPCOA8U 101000000303d7

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Aplia Student Question . iz action takeQuiz&quiz;_probGuidAPCOA8U 101000000303d7260070000&ctx-kathy.decker-003; Perfect Competition Due Sunday 05.29.16 at 1045 PM Keep the Highest8 tempts: 4. Profit maximization with a cost table Suppose Hubert runs a small busness that manufactures frying pans. Assume that the market for frying pans is a perfectly competitive markct and the market price is $25 per pen. The tolowing tatle repesents hubert's oest structure per hour Output (Pans per hour) Tetal Cost (Dollars per hour) Ir Hubert produces and sells two frying pans, his total reverue (TR) wOld e$0an is profit would be oost (MC) of producing a second pan is $15 The tkwing graph preseres Hbrt's tota·cont (based on the prvos table), use en blue ports (dede yndols) to pfot total revenue and the green peints (triangle symbols) to plat proft for the fiest seven pans that Hubert produces Line segments wia automatically connect the points Kint: You will have to plot eight points for eech line. Remember to plot the points from left to right COST, REVENUE, AND PROFIT Cllars per hou ollowing graph. Use the blue points (ardle symbok) to plot marginal revenue and the orange points (square symbol) to plot marginal cost Remonter to pkt tom left to ngt and to plot between integers. nur eiampie, instens mrgnal ast Inoreasing production from one frying pan to two frying pans is , then you would plot a point at (4.5,. Line egments wia automartically connect the points.

Explanation / Answer

All the answers entered are correct

Except MC for the second pan is $5

and last condition can also be written as P = MR = MC

If you don't understand anything, then comment, I will revert back on the same.

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