Question: Fill in the missing data for price (P), total revenue (TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (Ï), and marginal profit

Fill in the missing data for price (P), total revenue (TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (Ï€), and marginal profit (M Ï€) in the following table.

A. At what output (Q) level is profit maximized?
B. At what output (Q) level is revenue maximized?
C. Discuss any differences in your answers to parts A andB.

0 $200 0 1 180 180 320 420 $180 100 175 240 $100 80 S 80 65 100 65 4 120 5 100 500 6 80 7 60 180 185 150 60 350 400 450 -35 -70 110 -155 -205 -260 480 -20 -60 100 50 -30 320 -185 9 20 180 570 65 10 10 80 750 180 -650

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a Profit increases so long as MR MC and M 0 In this problem profit is maximized at Q 4 where 185 and ... View full answer

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