Use the following table to answer the next question Quantity of output 0 10 20 Total...

  

Transcribed Image Text:

Use the following table to answer the next question Quantity of output 0 10 20 Total cost $ 50 85 150 30 40 50 220 305 455 If the market price is $8.50, what are the profit-maximizing output and profit? a) output=40; profit = $35 b) output=40; profit = $0 c) output = 0; profit = -$50 d) output and profit cannot be determined because marginal revenue cannot be calculated Use the following table to answer the next question Quantity of output 0 10 20 Total cost $ 50 85 150 30 40 50 220 305 455 If the market price is $8.50, what are the profit-maximizing output and profit? a) output=40; profit = $35 b) output=40; profit = $0 c) output = 0; profit = -$50 d) output and profit cannot be determined because marginal revenue cannot be calculated

Answer rating: 100% (QA)

Total cost is 220 when output is 40 Revenue at output ... View the full answer