Use the information in the table to calculate total revenue, marginal revenue, and marginal cost. Indicate the profit-maximizing level of output. If the price was \($3\) and fixed costs were \($5,\) what would variable costs be? At what level of output would the firm produce?

Transcribed Image Text:

Output Price Total Costs 1234567 $5 $10 $5 $12 $5 $15 $5 $19 $5 $24 $5 $30 $5 $45