Question

Your friend operates a business and has the following demand curve. Complete the table, and use the information provided to find your friend’s profit-maximizing price and level of output

Answer 1

The profit-maximizing price is when the marginal cost equals marginal revenue.

An individual’s utility-maximizing choices can lead to a demand curve.

What is the demand curve?

Demand can be defined as the total amount of goods or services that consumers are willing and able to purchase at a given price.

In Economics, there are primarily two (2) factors that affect the availability and the price at which goods and services are sold or provided, these are demand and supply.

The marginal decision rule—generally produce downward-sloping demand curves.

This section shows how an individual’s utility-maximizing choices can lead to a demand curve.

Hence, The profit-maximizing price is when the marginal cost equals marginal revenue.

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Answer 2

A demand curve shows the quantity demanded of a product at each price.

What is a demand curve?

Your information is incomplete as the table isn't given. Therefore, an overview will be given.

A demand curve simply means a graphical representation of the relationship between price and quantity demanded.

In this case, a demand curve shows the quantity demanded of a product at each price. The profit maximizing price is when the marginal cost equals marginal revenue.

Learn more about demand curve on:

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