(Solved): Jada is a second-grader who sells lemonade on a street corner in your neighborhood. Each cup of le ...

Jada is a second-grader who sells lemonade on a street corner in your neighborhood. Each cup of lemonade costs Jada $\$0.80$ to produce; she has no fixed costs. The reservation prices for the 10 people who walk by Jada's lemonade stand each day are listed in the following table. Jada knows the distribution of reservation prices (that is, she knows that one person is willing to pay $\$2.00$, another $\$1.80$, and so on), but she does not know any specific individual's reservation price. a. Calculate the marginal revenue of selling an additional cup of lemonade. (Start by figuring out the price Jada would charge if she produced only one cup of lemonade, and calculate the total revenue; then find the price Jada would charge if she sold two cups of lemonade; and so on.) Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Enter your responses rounded to the nearest penny (two decimal places). b. What is Jada's profit-maximizing price? Instructions: Enter your responses rounded to the nearest penny (two decimal places). $\$$ c. At that price, what are Jada's economic profit and total consumer surplus? Instructions: Enter your responses rounded to the nearest penny (two decimal places). Economic profit: $\$$ per day Consumer surplus: $\$$ per day d. What price should Jada charge if she wants to maximize total economic surplus? Instructions: Enter your responses rounded to the nearest penny (two decimal places). Price to maximize total economic surplus: $\$$