I am having a bit of a problem knowing how to find total cost for this problem...please help. A music studio faces the
I am having a bit of a problem knowing how to find total cost for this problem...please help.
A music studio faces the following demand schedule when releasing the next CD by Nine Inch Nails. The studio must pay NIN $12 million to make the CD, and the marginal cost of printing the cd is $3 per disc. P is the price (in $), Q is quantity demanded, listed in millions of CDS. Calculate total revenue, marginal revenue, fixed cost, marginal cost, variable cost, total cost, and profit for each quantity listed.
Here is what I have so far... and I can't seem to go on because I don't know how to find total cost.
P | Q | TR | MR
18 0 m 0 ---
17 1 17 17
16 2 32 16
15 3 45 15
14 4 56 14