Quantity Total Revenue Total Cost $0 $10 1 $9 $14 2 $18 $19 3 $27 $25 4 $36 $32 $45 $40 $54 $49 7 $63 $59 8 $72 $70 9. $81 $82 Refer to Table 14-5. At a production level of 4 units which of the following is true? Marginal cost is $4. Total revenue is greater than variable cost. Marginal revenue is less than marginal cost. The firm is maximizing profit.

Quantity Total Revenue Total Cost $0 $10 1 $9 $14 2 $18 $19 3 $27 $25 4 $36 $32 $45 $40 $54 $49 7 $63 $59 8 $72 $70 9. $81 $82 Refer to Table 14-5. At a production level of 4 units which of the following is true? Marginal cost is $4. Total revenue is greater than variable cost. Marginal revenue is less than marginal cost. The firm is maximizing profit.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3CQQ

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