Business, 15.11.2020 01:30, chicalapingpon1938
Suppose Jerry is one of many used-car salesmen in a city. Assume the market for used cars is monopolistically competitive. The demand for Jerry's cars per week along with his corresponding revenue is shown in the table below. Cars Sold Price Total Revenue Marginal Revenue 1 $20,000 $20,000 $20,000 2 $18,000 $36,000 $16,000 3 $16,000 $48,000 $12,000 4 $14,000 $56,000 $8,000 5 $12,000 $60,000 $4,000 6 $10,000 $60,000 $0 7 $8,000 $56,000 $4,000 If Jerry's marginal cost of purchasing a used car from a wholesale distributor is $, how many used cars should Jerry sell to maximize his profits and what price should he charge? To maximize profits, Jerry should sell nothing used cars at a price of $ nothing. (Enter your responses as integer values.)
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Suppose Jerry is one of many used-car salesmen in a city. Assume the market for used cars is monopol...
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