Suppose that the market price increases to $6, as Table 8.14 shows. What would happen to the
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Suppose that the market price increases to $6, as Table 8.14 shows. What would happen to the profit-maximizing output level?
Table 8.14
Transcribed Image Text:
Total Quantity Cost 0 10 20 30 40 50 60 70 80 90 100 $62 $90 $110 $126 $144 $166 $192 $224 $264 $324 $404 Fixed Cost $62 $62 $62 $62 $62 $62 $62 $62 $62 $62 $62 Variable Cost $28 $48 $64 $82 $104 $130 $162 $202 $262 $342 Marginal Cost $2.80 $2.00 $1.60 $1.80 $2.20 $2.60 $3.20 $4.00 $6.00 $8.00 Total Revenue $0 $60 $120 $180 $240 $300 $360 $420 $480 $540 $600 Marginal Revenue $6.00 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00
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