Fill in the missing data for price (P), total revenue (TR), marginal revenue (MR), total cost (TC),
Question:
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.
Transcribed Image Text:
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 the full answer
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