Restaurant Pricing. Consider a restaurant that charges $10 for all you can eat and has 25 customers at this price. The slope of the demand curve is $0.10 per meal, and the marginal cost of providing a meal is $6. Hint: The y-intercept equals the charge plus the (absolute value of the slope x the number of customers), and the x-intercept equals the y-intercept divided by the slope. 1.) Use the line drawing tool to draw and label the demand line. 2.) Use the line drawing tool to draw and label the marginal revenue line. 3.) Use the line drawing tool to draw the marginal cost line. Carefully follow the instructions above, and only draw the required objects. The profit-maximizing quantity is meals. (Enter your response rounded to the nearest unit.) The profit-maximizing price is $. (Enter your response rounded to the nearest dollar.) ---- Price per meal $16 $14- $12- $10- $8- $6- $4- $2- $0+ 0 20 40 60 80 100 Quantity of meals 120 140 o Q

Restaurant Pricing. Consider a restaurant that charges $10 for all you can eat and has 25 customers at this price. The slope of the demand curve is $0.10 per meal, and the marginal cost of providing a meal is $6. Hint: The y-intercept equals the charge plus the (absolute value of the slope x the number of customers), and the x-intercept equals the y-intercept divided by the slope. 1.) Use the line drawing tool to draw and label the demand line. 2.) Use the line drawing tool to draw and label the marginal revenue line. 3.) Use the line drawing tool to draw the marginal cost line. Carefully follow the instructions above, and only draw the required objects. The profit-maximizing quantity is meals. (Enter your response rounded to the nearest unit.) The profit-maximizing price is $. (Enter your response rounded to the nearest dollar.) ---- Price per meal $16 $14- $12- $10- $8- $6- $4- $2- $0+ 0 20 40 60 80 100 Quantity of meals 120 140 o Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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