Marginal Economic

In: Social Issues

Submitted By Jroseline
Words 286
Pages 2
Mutilda Jean
9/27/15
Economics
Product market Quantity | Price(in whole dollars) | Total Revenue | Marginal revenue | Total cost | Marginal cost | Profit(or loss) | | | | | | | | 0 | 42 | 0 | 0 | 35 | 35 | -35 | 1 | 41 | 41 | 41 | 68 | 33 | -27 | 2 | 40 | 80 | 39 | 94 | 26 | -14 | 3 | 39 | 117 | 37 | 107 | 13 | 10 | 4 | 38 | 152 | 35 | 114 | 7 | 38 | 5 | 37 | 185 | 33 | 129 | 56 | 56 | 6 | 36 | 216 | 31 | 180 | 36 | 36 | 7 | 35 | 245 | 29 | 235 | 10 | 10 | 8 | 34 | 272 | 27 | 296 | -24 | -24 | | | | | | | |

1. What product market did you choose for this data to represent? Explain why.
I chose Air Jordan because it show you when us when the price goes down people are willing to buy more pair of Jordan’s, but the company is also losing money as they putting the price it’s not in their benefits, but it is in the client benefits.

2. At which price and quantity does marginal cost nearly equal marginal revenue without exceeding it? Highlight this point on your graph.
The nearly equal marginal revenue equal to without exceeding the price or lowering it is at four because that is where equilibrium hit.

3. If you were in business for this product, at which price and quantity level would you sell? Explain why.

The price that I feel like I would sell the most IS at 35 because when you look at my chart people are willing to buy 7 Jordan for 35 and the revenue is 245 when you are also looking at the benefits or loss I will not gain a lot of benefits and also if my price goes up or goes down I will not lose a lot of…...

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