Question 7 - HW 8 - Connect X C Economic Rent versus Econom X ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252F.. ( * HW 8 i Saved Help Save & Exit Submit TotsPoses, Incorporated, a profit-maximizing business, is the only photography business in town that specializes in portraits of small Check my work children. George, who owns and runs TotsPoses, expects to encounter an average of eight customers per day, each with a reservation price shown in the following table. Assume George has no fixed costs, and his cost of producing each portrait is $12. 1 a. Complete the following table. points Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Enter your responses as whole numbers. Total eBook Reservation revenue Marginal price ($ per ($ per revenue ($ Customer photo) day) per photo) Print 1 50 2 46 References 3 42 4 38 5 34 6 30 26 22 How much should George charge if he must charge a single price to all customers? $ At this price, how many portraits will George produce each day? portraits Mc Graw Hill DO F6 20 888 F5 F4HWSO References Wm.ummil'ulrvri'iihilil rt illll' 'l How much should George charge if we must charge a single price to all customers? $ At this price, how many portraits wil George produce each day? What will be his economic profit? 5 per day portraits b. How much consumer surplus is generated each day at this price? $ portraits c. What is the socially efficient number of portraits? d. George is very experienced i price he likes to any consumer, What will his economic profit be? $ per day generated each day? $ e, how much consumer surplus is e. in this cas how many portraits will he produce each day? k n the business and knows the reservation price of each Help 7 of 10 of his customers. if he is allowed to charge any portraits Save 5. Exit Submit