Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
Textbook Question
Chapter 8, Problem 39P

The AAA Aquarium Co. sells aquariums for \$ 2 0 each. Fixed costs of production are \$ 2 0 .

The total variable costs are \$ 2 0 for one aquarium, \$ 25 for two units, \$ 35 for the three units, \$ 5 0 for four units, and \$ 8 0 for five units. In the form of a table, calculate total revenue, marginal revenue, total cost, and marginal cost for each output level (one to five units). What is the Profit-maximizing quantity of output? On one diagram, sketch the total revenue and total cost curves. On another diagram, sketch the marginal revenue and marginal cost curves.

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