1. Assume Coal Ben is selling Hamburger plates that have an average cost of $3 at an initial price of $6 so that its sales are 25 hundred. Now suppose that using new equipment that pre-forms the...

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Extracted text: 1. Assume Coal Ben is selling Hamburger plates that have an average cost of $3 at an initial price of $6 so that its sales are 25 hundred. Now suppose that using new equipment that pre-forms the burgers Coal Bens average costs per burger are reduced to $1, per data in the table below. Quantity Initial Reduced Price Demanded Cost Cost Curve Curve 11 3 1 10 3 1 10 3 1 15 8 3 1 20 7 1 25 6 30 3 1 35 4 3 1 40 3 3 1 45 1 50 1 3 1 55 3 1 a. Graphically depict the range of where the old and new equilibrium price and quantity demanded and supplied for this market will lie using the "Demand and Cost Model" (DCM) and explain your answer. (Note: In the DCM model the profit maximizing price equals the average of the intercept of the demand curve, in this case $11, cost.) b. What are the major differences between the SDM and the DCM? , and average