Calculate Lories profit-maximizing output, price, and economic profit. Lorie teaches singing. Her fixed costs are $1,000 a

Question:

Calculate Lorie’s profit-maximizing output, price, and economic profit.
Lorie teaches singing. Her fixed costs are $1,000 a month, and it costs her $50 of labor to give one class. The table shows the demand schedule for Lorie’s singing lessons.
Price Quantity demanded
(dollars per lesson) (lessons per month)
0 ……………………………………. 250
50 ……………………………………. 200
100 ……………………………………. 150
150 ……………………………………. 100
200 ……………………………………. 50
250 ……………………………………. 0