Mnnle\'s Rare Roses is a single-price monopoly Price Quantity Total cost The tab
ID: 1129271 • Letter: M
Question
Mnnle's Rare Roses is a single-price monopoly Price Quantity Total cost The table shows the demand schedule for Minnie's Rare Roses (columns 1 and 2) and the fm's total cost schedule (columns 2 and 3) dollars per(byshes bush) per hour) per hour) What is Minnie's profn-maximizing output, price, and economic profit? 10 Mirmes profit-maxirnizing output is rosebushes an hour 21 34 Mreie's profit maximizing price is S a rosebush When Winnie's produces the proft maximizing output and charges the profa-maxlimizing price, economic proft is an hout Enter your ansies in each of the 5 6 8 E R O PExplanation / Answer
Profit maximization is the quantity and price when MC= MR.
Profit maximization is quantity is 1, price is $11 and economic profit is Total cost - total revenue =$11-$10=$1
Profit maximization is the quantity and price when MC= MR.
Profit maximization is quantity is 1, price is $11 and economic profit is Total cost - total revenue =$11-$10=$1
Price (Dollars per bush) Quantity ( Bushes per hour) Total Cost ( Dollars per hour) Marginal Cost ( Dollars, additional cost for one more unit of output) Total Revenue (Dollars per hour) Marginal Revenue ( dollars, additional revenue for one more unit of output) 12 0 1 -- 0 -- 11 1 10 9 11 11 10 2 21 11 20 9 9 3 34 13 27 7 8 4 49 15 32 5 7 5 66 17 35 3