Scenario: Mr. Olivander has a monopoly on supplying magic wands. The table below shows the demand schedule for magic wands per day.
-Refer to the scenario above.What is Mr.Olivander's total revenue when he charges a price of $65 for his wands?
Definitions:
Isocost
Represents lines on a graph showing combinations of inputs that cost the same amount.
Capital
Capital refers to financial assets or the financial value of assets, such as cash and buildings, used by a business to produce goods and services.
Slope
The rate at which a line inclines or declines, representing the ratio of the vertical change to the horizontal change between two points on the line.
Isocost Line
A graphical representation of all the different combinations of inputs that can be purchased with a specific total cost.
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