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Economics

Demonstrate cost benefit analysis

The following is a cost function for clinic visits in a small inner city clinic:
Quantity of visits Total Cost per Week
0 $10
1 $15
2 $25
3 $45
4 $75
5 $115
6 $165
a. Determine the marginal cost for each level of output.

b. If the price per visit is given to be $25, at what level of visits will the maximum profit position be? What are the profits at this level? What is the quantity supplied?

c. If the price per visit increases to $45, what will be the quantity supplied (assuming maximizing profits)?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9205817

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