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Teaching Since: Apr 2017
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  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 08 May 2017 My Price 9.00

Tino owns a taco stand in Houston, Texas,

Tino owns a taco stand in Houston, Texas, where there are dozens of other taco stands. He faces the following demand and cost schedules for his taco plates (two tacos and a side of refried beans):

Price

Taco

Total

Total

 

 

per

Plates

Cost

Revenue

 

 

Taco

per

per

per

Marginal

Marginal

Plate

Week

Week

Week

Revenue

Cost

$5

50

$ 30

$4

80

$ 50

$3

150

$ 176

$2

800

$1,476

$1

1,100

$2,136

a. Fill in the columns for total revenue, marginal revenue, and marginal cost and use the table to find the profit-maximizing price and the profit maximizing number of taco plates per week for Tino’s Taco Stand. (Remember to put MR and MC between output levels.)

b. Redo the table to show what will happen in the short run if Tino spends $100 on an advertising campaign that increases the quantity demanded at each output level by 20 percent. What will happen to his profit-maximizing price and profit maximizing number of taco plates per week? Do you expect this outcome to persist? Explain.

Answers

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Status NEW Posted 08 May 2017 11:05 AM My Price 9.00

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