Calculate Big Tops profit-maximizing price, output, and economic profit if it charges a single price for all
Question:
Calculate Big Top’s profit-maximizing price, output, and economic profit if it charges a single price for all tickets.
Big Top is the only circus in the nation. The table sets out the demand schedule for circus tickets and the cost schedule for producing the circus.
Transcribed Image Text:
Price (dollars per ticket) 20 18 16 14 12 1986 10 4 Quantity (tickets per show) 0 100 200 300 400 500 600 700 800 Total cost (dollars per show) 1,000 1,600 2,200 2,800 3,400 4,000 4,600 5,200 5,800
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Big Tops total revenue and marginal revenue schedules are in the second table on the next page ...View the full answer
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