20. Paulina sells beef in a competitive market where the price is $6 per pound. Her total revenue and total costs are given in the table below.   Fill out the table. At what quantity does marginal revenue equal marginal cost? What is the profit-maximizing quantity?

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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20. Paulina sells beef in a competitive market where the price is $6 per pound. Her total revenue and total costs are given in the table below.

 

  1. Fill out the table.
  2. At what quantity does marginal revenue equal marginal cost?
  3. What is the profit-maximizing quantity?
Quantity of
beef (lb.)
0
1
2
3
4
Total
revenue ($)
0
6
12
18
24
Total cost
($)
4
7
11
16
22
Profit
($)
Marginal
revenue ($)
Marginal
cost ($)
Marginal
profit ($)
Transcribed Image Text:Quantity of beef (lb.) 0 1 2 3 4 Total revenue ($) 0 6 12 18 24 Total cost ($) 4 7 11 16 22 Profit ($) Marginal revenue ($) Marginal cost ($) Marginal profit ($)
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