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The chart below shows the demand curve for dog food at Charlie's dog food factory and the total cost of producing various quantities:

Q P TR MR TC MC profit
1 15 3
2 13 8
3 11 15
4 9 24
5 7 35
6 5 48

a. Fill in the rest of the chart

b. How much dog food should Charlie sell, and what price should he charge? Answer first using Method 1 and then using Method 2.

c. If Charlie is required to pay a $5 annual license fee to operate his dog food factory, what happens to his marginal cost numbers? What happens to the amount of dog food he sells and the price he charges?

d. If Charlie is required to pay an excise tax of $6 per pound of dog food, what happens to his total cost numbers? What happens to his marginal cost numbers? What happens to the amount of dog food he sells and the price he charges?

Microeconomics, Economics

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