Fill in the columns in the following table. What quantity should a profit-maximizing firm produce? Verify your answers with marginal reasoning. q TFC TVC MC Price TR TC Profit 0 $10 $0 $20 1 10 12 20 2 10 20 20 3 10 25 20 4 10 40 20 5 10 65 20 6 10 100 20
Fill in the columns in the following table. What quantity should a profit-maximizing firm produce? Verify your answers with marginal reasoning. q TFC TVC MC Price TR TC Profit 0 $10 $0 $20 1 10 12 20 2 10 20 20 3 10 25 20 4 10 40 20 5 10 65 20 6 10 100 20
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter16: Creating An Environment For Growth And Prosperity
Section: Chapter Questions
Problem 5CQ
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Question
- Fill in the columns in the following table. What quantity should a profit-maximizing firm produce? Verify your answers with marginal reasoning.
q |
TFC |
TVC |
MC |
Price |
TR |
TC |
Profit |
0 |
$10 |
$0 |
|
$20 |
|
|
|
1 |
10 |
12 |
|
20 |
|
|
|
2 |
10 |
20 |
|
20 |
|
|
|
3 |
10 |
25 |
|
20 |
|
|
|
4 |
10 |
40 |
|
20 |
|
|
|
5 |
10 |
65 |
|
20 |
|
|
|
6 |
10 |
100 |
|
20 |
|
|
|
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