The data in the following table give information about the price P (in dollars) for which a firm can sell a unit of output and the total cost of production, where quantity is q, total cost is C, marginal cost is MC, total revenue is R, marginal revenue is MR, and profit is a. Fill in the blanks in the following table. (Enter your responses using integers.) P= 60 P= 40 MC R MR MR 100 - 100 - 100 1 150 50 60 60 - 90 40 40 - 110 2 178 28 120 60 - 58 80 40 - 98 198 20 180 60 - 18 120 40 - 78 4 212 14 240 60 28 160 40 - 52 230 18 300 60 70 200 40 - 30 6 250 20 360 60 110 240 40 10 7 272 22 420 60 148 280 40 310 38 480 60 170 320 40 10 9 355 45 540 60 185 360 40 10 410 55 600 60 190 400 40 - 10 11 475 65 660 60 185 410 40 - 65

The data in the following table give information about the price P (in dollars) for which a firm can sell a unit of output and the total cost of production, where quantity is q, total cost is C, marginal cost is MC, total revenue is R, marginal revenue is MR, and profit is a. Fill in the blanks in the following table. (Enter your responses using integers.) P= 60 P= 40 MC R MR MR 100 - 100 - 100 1 150 50 60 60 - 90 40 40 - 110 2 178 28 120 60 - 58 80 40 - 98 198 20 180 60 - 18 120 40 - 78 4 212 14 240 60 28 160 40 - 52 230 18 300 60 70 200 40 - 30 6 250 20 360 60 110 240 40 10 7 272 22 420 60 148 280 40 310 38 480 60 170 320 40 10 9 355 45 540 60 185 360 40 10 410 55 600 60 190 400 40 - 10 11 475 65 660 60 185 410 40 - 65

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

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

Chapter9: Price Takers And The Competitive Process

Section: Chapter Questions

Problem 16CQ

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