Alicia manages a hot dog stand. She has the information on demand and costs presented in the table below.
|Hot dogs sold per Hour||Price||Total Revenue||Marginal Revenue||Total Cost||Marginal Cost|
Suppose Alicia’s stand is in a monopolistically competitive market.
- To maximize profit, how many hot dogs should Alicia sell per hour?
- What is Alicia’s profit-maximizing price?
- How much profit will Alicia make per hour?
- What is the marginal revenue received by selling the profit-maximizing hot dog?
- What is the marginal cost of selling the profit-maximizing hot dog?