Consider the total cost and the total revenue given in the table below
tutor4helpyou (Not rated)
(Not rated)
Consider the total cost and the total revenue given in the table below:
Quantity | Total cost (in €) | Total revenue (in €) | Marginal cost (in €) | Marginal revenue (in €) | Profit (in €) |
0 | 8 | 0 | - | - | -8 |
1 | 9 | 8 | 1 | 8 | -1 |
2 | 10 | 16 | 1 | 8 | 6 |
3 | 11 | 24 | 1 | 8 | 13 |
4 | 13 | 32 | 2 | 8 | 19 |
5 | 19 | 40 | 6 | 8 | 21 |
6 | 27 | 48 | 8 | 8 | 21 |
7 | 37 | 56 | 10 | 8 | 19 |
a) Calculate profit for each quantity. How much should the firm produce to maximize profit?
b) Calculate marginal revenue and marginal cost for each quantity.
11 years ago
Consider the total cost and the total revenue given in the table below
NOT RATED
Purchase the answer to view it
data.xlsx- solution.docx
