Unique to New Brunswick, Beausoleil oysters are known for their perfect, petite shells and are described by Rowan Jacobsen's Geography of Oysters as "ideal starter oysters, with the delightful yeasty aroma of Champagne or rising bread dough." Suppose the following table represents cost and revenue data for a New Brunswick oyster concern.
\(\begin{array}{|c|c|c|c|c|c|c|c|}
\hline \begin{array}{c}
\text { Dozen } \
\text { Oysters Sold } \
\text { per Day }
\end{array} & \begin{array}{c}
\text { Price } \
(P)
\end{array} & \begin{array}{c}
\text { Total } \
\text { Revenue } \
(T R)
\end{array} & \begin{array}{c}
\text { Marginal } \
\text { Revenue } \
(M R)
\end{array} & \begin{array}{c}
\text { Total Cost } \
(T C)
\end{array} & \begin{array}{c}
\text { Marginal } \
\text { Cost }(M C)
\end{array} & \begin{array}{c}
\text { Total Cost } \
(\boldsymbol{A C C )}
\end{array} & \text { Profit } \
\hline 0 & \$ 15 & \$ 0 & \cdots & \$ 12 & \ldots & \ldots & -\$ 12 \
\hline 1 & 14 & 14 & \$ 14 & 18 & \$ 6 & \$ 18.00 & -4 \
\hline 2 & 13 & 26 & 12 & 20 & 2 & 10.00 & 6 \
\hline 3 & 12 & 36 & 10 & 21 & 1 & 7.00 & 15 \
\hline 4 & 11 & 44 & 8 & 23 & 2 & 5.75 & 21 \
\hline 5 & 10 & 50 & 6 & 26 & 3 & 5.20 & 24 \
\hline 6 & 9 & 54 & 4 & 30 & 4 & 5.00 & 24 \
\hline 7 & 8 & 56 & 2 & 35 & 5 & 5.00 & 21 \
\hline 8 & 7 & 56 & 0 & 42 & 7 & 5.25 & 14 \
\hline 9 & 6 & 54 & -2 & 52 & 10 & 5.78 & 2 \
\hline 10 & 5 & 50 & -4 & 78 & 16 & 7.80 & -28 \
\hline
\end{array}\)
Illustrate this data by graphing the demand, MR, MC, and ATC curves.Identify the profit-maximizing price and quantity, and show the area representing the total profit received.

Question

Unique to New Brunswick, Beausoleil oysters are known for their perfect, petite shells and are described by Rowan Jacobsen's Geography of Oysters as "ideal starter oysters, with the delightful yeasty aroma of Champagne or rising bread dough." Suppose the following table represents cost and revenue data for a New Brunswick oyster concern.
 \(\begin{array}{|c|c|c|c|c|c|c|c|}
\hline \begin{array}{c}
\text { Dozen } \
\text { Oysters Sold } \
\text { per Day }
\end{array} & \begin{array}{c}
\text { Price } \
(P)
\end{array} & \begin{array}{c}
\text { Total } \
\text { Revenue } \
(T R)
\end{array} & \begin{array}{c}
\text { Marginal } \
\text { Revenue } \
(M R)
\end{array} & \begin{array}{c}
\text { Total Cost } \
(T C)
\end{array} & \begin{array}{c}
\text { Marginal } \
\text { Cost }(M C)
\end{array} & \begin{array}{c}
\text { Total Cost } \
(\boldsymbol{A C C )}
\end{array} & \text { Profit } \
\hline 0 & \$ 15 & \$ 0 & \cdots & \$ 12 & \ldots & \ldots & -\$ 12 \
\hline 1 & 14 & 14 & \$ 14 & 18 & \$ 6 & \$ 18.00 & -4 \
\hline 2 & 13 & 26 & 12 & 20 & 2 & 10.00 & 6 \
\hline 3 & 12 & 36 & 10 & 21 & 1 & 7.00 & 15 \
\hline 4 & 11 & 44 & 8 & 23 & 2 & 5.75 & 21 \
\hline 5 & 10 & 50 & 6 & 26 & 3 & 5.20 & 24 \
\hline 6 & 9 & 54 & 4 & 30 & 4 & 5.00 & 24 \
\hline 7 & 8 & 56 & 2 & 35 & 5 & 5.00 & 21 \
\hline 8 & 7 & 56 & 0 & 42 & 7 & 5.25 & 14 \
\hline 9 & 6 & 54 & -2 & 52 & 10 & 5.78 & 2 \
\hline 10 & 5 & 50 & -4 & 78 & 16 & 7.80 & -28 \
\hline
\end{array}\) 
Illustrate this data by graphing the demand, MR, MC, and ATC curves.Identify the profit-maximizing price and quantity, and show the area representing the total profit received.

Quizplus · Accepted Answer

The Answer of Unique to New Brunswick, Beausoleil oysters are known for their perfect, petite shells and are described by Rowan Jacobsen's Geography of Oysters as "ideal starter oysters, with the delightful yeasty aroma of Champagne or rising bread dough." Suppose the following table represents cost and revenue data for a New Brunswick oyster concern.
 \(\begin{array}{|c|c|c|c|c|c|c|c|}
\hline \begin{array}{c}
\text { Dozen } \
\text { Oysters Sold } \
\text { per Day }
\end{array} & \begin{array}{c}
\text { Price } \
(P)
\end{array} & \begin{array}{c}
\text { Total } \
\text { Revenue } \
(T R)
\end{array} & \begin{array}{c}
\text { Marginal } \
\text { Revenue } \
(M R)
\end{array} & \begin{array}{c}
\text { Total Cost } \
(T C)
\end{array} & \begin{array}{c}
\text { Marginal } \
\text { Cost }(M C)
\end{array} & \begin{array}{c}
\text { Total Cost } \
(\boldsymbol{A C C )}
\end{array} & \text { Profit } \
\hline 0 & \$ 15 & \$ 0 & \cdots & \$ 12 & \ldots & \ldots & -\$ 12 \
\hline 1 & 14 & 14 & \$ 14 & 18 & \$ 6 & \$ 18.00 & -4 \
\hline 2 & 13 & 26 & 12 & 20 & 2 & 10.00 & 6 \
\hline 3 & 12 & 36 & 10 & 21 & 1 & 7.00 & 15 \
\hline 4 & 11 & 44 & 8 & 23 & 2 & 5.75 & 21 \
\hline 5 & 10 & 50 & 6 & 26 & 3 & 5.20 & 24 \
\hline 6 & 9 & 54 & 4 & 30 & 4 & 5.00 & 24 \
\hline 7 & 8 & 56 & 2 & 35 & 5 & 5.00 & 21 \
\hline 8 & 7 & 56 & 0 & 42 & 7 & 5.25 & 14 \
\hline 9 & 6 & 54 & -2 & 52 & 10 & 5.78 & 2 \
\hline 10 & 5 & 50 & -4 & 78 & 16 & 7.80 & -28 \
\hline
\end{array}\) 
Illustrate this data by graphing the demand, MR, MC, and ATC curves.Identify the profit-maximizing price and quantity, and show the area representing the total profit received.

Unique to New Brunswick, Beausoleil Oysters Are Known for Their