Consider the total cost and total revenue given in the following table: Quant Total Total Prof Marginal Revenue Marginal Cost ity Cost Revenue it 8. 1 8. 10 16 11 24 13 32 19 40 6 27 48 7 37 56 1. Calculate profit for each quantity (write your answers in the column provided above). How much should the firm produce to maximize profit? 2. Calculate the marginal revenue and marginal cost for each quantity (write your answers in the columns provided above). Illustrate in a graph the marginal revenue and marginal cost below. Identify the profit maximizing quantity.

Consider the total cost and total revenue given in the following table: Quant Total Total Prof Marginal Revenue Marginal Cost ity Cost Revenue it 8. 1 8. 10 16 11 24 13 32 19 40 6 27 48 7 37 56 1. Calculate profit for each quantity (write your answers in the column provided above). How much should the firm produce to maximize profit? 2. Calculate the marginal revenue and marginal cost for each quantity (write your answers in the columns provided above). Illustrate in a graph the marginal revenue and marginal cost below. Identify the profit maximizing quantity.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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