Use the information in picture 1 and picture 2 to graphically show the maximum profit. Please kindly provide a picture of the graph with labels such as the profit-maximizing quantity and price, total cost, total revenue, and profit.  Thank you

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Use the information in picture 1 and picture 2 to graphically show the maximum profit. Please kindly provide a picture of the graph with labels such as the profit-maximizing quantity and price, total cost, total revenue, and profit.  Thank you

Step 2
The table below shows the marginal revenue and marginal cost for the given data.
total output
Price
Marginal cost
Marginal revenue
1900
1000
1
1700
1000
1700
1650
800
1600
3
1600
700
1500
1550
500
1400
1500
500
1300
1450
700
1200
7
1400
800
1100
8
1350
1000
1000
1300
2000
900
2.
す n
Transcribed Image Text:Step 2 The table below shows the marginal revenue and marginal cost for the given data. total output Price Marginal cost Marginal revenue 1900 1000 1 1700 1000 1700 1650 800 1600 3 1600 700 1500 1550 500 1400 1500 500 1300 1450 700 1200 7 1400 800 1100 8 1350 1000 1000 1300 2000 900 2. す n
Profit is calculated as total revenue minus total cost
i.e. Profit=TR-TC
Price Total cost
(TC)
Total
Total revenue
Profit=TR-
output
(TR)
TC
$1900
$1000
S-1000
1
$1700
$2000
$1700
$-300
$1650
$2800
$3300
$500
$1600
$3500
$4800
$1300
4
$1550
$4000
$6200
$2200
$1500
$4500
$7500
$3000
$1450
$5200
$8700
$3500
7
$1400
$6000
$9800
$3800
$1350
$7000
$10800
$3800
$1300
$9000
$11700
$2700
6.
2.
Transcribed Image Text:Profit is calculated as total revenue minus total cost i.e. Profit=TR-TC Price Total cost (TC) Total Total revenue Profit=TR- output (TR) TC $1900 $1000 S-1000 1 $1700 $2000 $1700 $-300 $1650 $2800 $3300 $500 $1600 $3500 $4800 $1300 4 $1550 $4000 $6200 $2200 $1500 $4500 $7500 $3000 $1450 $5200 $8700 $3500 7 $1400 $6000 $9800 $3800 $1350 $7000 $10800 $3800 $1300 $9000 $11700 $2700 6. 2.
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