Question

The table below depicts the daily? output, price, and costs of a monopoly dry cleaner located near the campus of a remote college town. Compute the revenues at each output level and fill in the blanks

?(Enter

dollars and cents and include minus signs where

necessary.?)

Output ?(Suits Cleaned)	Price per Suit? ($)	Total Costs? ($)	Total Revenue? ($)
0	?$14.00	?$3.00	?$?
1	?$13.50	?$6.00	?$?
2	?$13.00	?$8.50	?$?
3	?$12.50	?$10.50	?$?
4	?$12.00	?$11.50	?$?
5	?$11.50	?$13.50	?$?
6	?$11.00	?$22.00	?$?
7	?$10.50	?$30.00	?$?
8	?$10.00	?$40.00	?$?

Answer 1

Total Revenue is nothing but the multiplication of price and quantity.

Here, total revenue = No. of suits cleaned * price per suite

Output (Suits cleaned)	Price per suit ($)	Total Cost ($)	Total Revenue ($)
0	14	3	(0 * 14) = 0
1	13.50	6	(1 * 13.50) = 13.50
2	13	8.50	(2 * 13) = 26
3	12.50	10.50	(3 * 12.50) = 37.50
4	12	11.50	(4 * 12) = 48
5	11.50	13.50	(5 * 11.50) = 57.50
6	11	22	(6 * 11) = 66
7	10.50	30	(7 * 10.50) = 73.50
8	10	40	(8 * 10) = 80