Question
In: Economics
The table below gives the opportunity cost that Ru Paul incurs for each evening during the...
The table below gives the opportunity cost that Ru Paul incurs for each evening during the week she performs. If she can perform as many evenings as she would like and receives €801.50 per evening she performs, how many evenings does Ru Paul perform each week?
| Q | MC |
| 1 | €289 |
| 2 | €341 |
| 3 | €445 |
| 4 | €531 |
| 5 | €612 |
| 6 | €720 |
| 7 | €889 |
Solutions
Expert Solution
Income received per each performance = €801.50
Ru Paul should continue to perform as long as her income(i.e., marginal revenue) per performance is higher than the opportunity cost (marginal cost).
From the given marginal cost schedule, it can be observed that the marginal cost remains less than €801.50 up to 6 performances per week. Therefore, Ru Paul should perform 6 evenings per week.
Ans: 6 evenings per week
Rahul Sunny answered 1 year agoRelated Solutions
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equation of the regression line, yˆ=b0+b1xy^=b0+b1x, for predicting
the overall grade average for a middle school student based on the
number of hours spent unsupervised each day. Keep in mind, the
correlation coefficient may or may not be statistically significant
for the data given. Remember, in practice, it would...
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