please Answer Review QuestionsQUESTION 26The data in the below table shows the production and costs of certain firm, use the table to answer the following questionsTRMRTCMČACProfit/loss1272822433321404184915756.121141. Based on the above table, at which level of output the firm gets maximum revenue?2. Based on the above table, what is the value of profit maximization output (Q*) and Profit maximization price (P*)?3. Based on the above table, Does the firm get profit/loss if the firm produces Q* units?why?4. Based on the above table, at which level out firm will earn zero or normal profit?

The data in the below table shows the production and costs of certain firm, use the table to answer the following questions TR MR TC AC Profit/loss 1 27 28 24 33 3 21 40 4 18 49 5 15 75 12 114 1. Based on the above table, at which level of ouput the firm gets maximum revenue? 2. Based on the above table, what is the value of profit maximization output (Q*) and Profit maximization price (P*)? 3. Based on the above table, Does the firm get profit/loss if the firm produces Q* units?why?

The data in the below table shows the production and costs of certain firm, use the table to answer the following questions TR MR TC AC Profit/loss 1 27 28 24 33 3 21 40 4 18 49 5 15 75 12 114 1. Based on the above table, at which level of ouput the firm gets maximum revenue? 2. Based on the above table, what is the value of profit maximization output (Q) and Profit maximization price (P)? 3. Based on the above table, Does the firm get profit/loss if the firm produces Q* units?why?

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 5PA

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