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03.05 Getting the Most for Your Money

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by

Amber A.

on 19 March 2015

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Transcript of 03.05 Getting the Most for Your Money

End
Start
Marginal Cost Analysis Chart
Where MC and MR meet
Reflection Question
What product market did you choose for this data to represent? Explain why.
Reflection Question
If you were in business for this product, at which price and quantity level would you sell? Explain why.
03.05 Getting the Most for Your Money
Determine a product market (a specific good or service) appropriate to the prices listed.
I have chosen a cleaning service to be appropriate.
I chose this data to represent the marginal cost and revenue of a cleaning service. I chose cleaning services because that service was what I deemed reasonable for the prices.
According to my graph, cleaning 5 rooms is where marginal revenue is closest to equaling marginal cost without being lower than marginal cost. I could produce where marginal cost and marginal revenue are equal, only there is an issue: it is not exact. If I were to be exact, I would have to clean approximately 5.75 rooms, which doesn't make sense. So in conclusion, if someone were to come to me for cleaning service, I would promise to clean 5 rooms for a price of $33.
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