Draw demand curve and corresponding marginal revenue curve

Reference no: EM131004042

1. Giorgio's Brick Oven Pizza is the only pizzeria with a brick oven in town. It is not the only pizza seller so it faces a downward-sloping demand curve.The demand schedule is:

Quantity of Pizzas Price

0 $20

10 16

20 12

30 8

40 4

50 0

Draw the demand curve and the corresponding marginal revenue curve. Add a marginal cost curve so that the profit-maximizing price of a Giorgio's pizza will be $14. Add an average total cost curve so that the profit on each pizza is two dollars. Illustrate total profits.

Reference no: EM131004042

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