Out of This World is the only private rocket ride in the nation. The table sets

Question

Out of This World is the only private rocket ride in the nation. The table sets out the demand schedule for rides and the cost schedule for producing the rides. Calculate Out of This World's profit-maximizing price, output and economic profit if it charges a single price for all rides. Out of This World's profit-maximizing output is. rides a day Out of This World's profit-maximizing price is $ a ride. When Out of This World produces the profit-maximizing output and charges the profit-maximizing price, economic profit is $. If the firm incurs an economic loss, indicate the loss with a minus sign. If the firm earns an economic profit, do not include a plus sign.

Explanation / Answer

price per Ride Rides per day Income per day Cost per day Profit 10 0 0 1000 -1000 9 100 900 1500 -600 8 200 1600 2000 -400 The Loss is minimal at this Quantity & price 7 300 2100 2500 -400 6 400 2400 3000 -600 5 500 2500 3500 -1000 4 600 2400 4000 -1600 3 700 2100 4500 -2400 2 800 1600 5000 -3400 The maximum profit( loss) = -400

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