Question

Here is the cost function for a bicycle repair shop, including the labor cost for the...

Here is the cost function for a bicycle repair shop, including the labor cost for the repair technicians:

Bicycle repaired per day

Cost (Dollars)

Marginal Cost (Dollars)

Revenue

(Dollars)

Marginal Revenue

(Dollars)

0

150

0

0

0

1

200

70

130

2

250

140

110

3

310

210

100

4

380

280

100

5

460

350

110

6

550

420

130

7

650

490

160

8

760

560

200
  1. Fill in the blanks for marginal cost in the given table. The marginal cost is increasing.
  2. Suppose the market price for repairing a bicycle is $70. Fill in the blanks for the revenue and marginal revenue.
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