Given the information in the table at right, calculate the dry cleaner\'s margin
ID: 1129284 • Letter: G
Question
Given the information in the table at right, calculate the dry cleaner's marginal revenue (MR) and marginal cost (MC) at each output level. (Your answer should be rounded to the nearest cent.)
Given the information in the table at right, calculate the dry cleaner's marginal revenue (MR) and marginal cost (MC) at each output level. (Your answer should be rounded to the nearest cent.) Output Price (Suits per Total Cleaned) Suit ($) Costs (S) Revenue (S) MC (S) MR Total 12.00 3.00 11.50 6.00 11.00 8.50 10.50 10.50 10.00 11.50 1.50 13.50 47,5o 9.00 20.00 8.50 28.00 59.50 8.00 32.00 64.00 0.00 11.50 22.00 31.50 40.00 54.00Explanation / Answer
MC = Change in total cost (TC) / Change in output (Q)
MR = Change in total revenue (TR) / Change in output (Q)
Q TC ($) TR ($) MC ($) MR ($) 0 3.00 0.00 3.00 11.50 1 6.00 11.50 2.50 10.50 2 8.50 22.00 2.00 9.50 3 10.50 31.50 1.00 8.50 4 11.50 40.00 2.00 7.50 5 13.50 47.50 6.50 6.50 6 20.00 54.00 8.00 5.50 7 28.00 59.50 4.00 4.50 8 32.00 64.00