Question: Complete the following table and identify the profit-maximizing output. a. b. What is true about marginal revenue and marginal costs when profit is maximized? c.

Complete the following table and identify the profit-maximizing output.

b. What is true about marginal revenue and marginal costs when profit is maximized?
c. What would be the profit-maximizing level of output if price fell to$9?

Total Revenue Marginal Revenue Marginal Cost Quantity Total Profit Price $12 12 12 12 10 $120 $12 $8 $25 12 13 14 12 14

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