Question 4 a. The following presents the costs and revenues for a firm. Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit $8 $0 1 9. 10 16 3 11 24 4 13 32 20 40 6 28 48 7 37 56 Calculate the marginal cost, marginal revenue and profit for each unit of production. ii. i. How many units should the firm produce to maximise profit? b. Describe the relationship between the marginal product and the total product of a firm

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Q: Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit $8 $0 1 10 16

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