Question: Consider the data for a price-setting firm in the table below. All revenue and cost figures are in expressed in dollars. Quantity 0 2 4

Consider the data for a price-setting firm in the table below. All revenue and cost figures are in expressed in dollars.

Quantity 0 2 4 6 8 10 12 14 16 18
Total Revenue 0 200 360 480 560 600 600 560 480 360
Total Cost 40 140 240 340 440 540 640 740 840 940

Using the information above, answer the following questions.

The marginal revenue for the firm of selling the 8th unit of output is Answer dollars.

The marginal cost to the firm of producing the 2nd unit of output is Answer dollars.

The firm will maximise profits at an output (quantity) of Answer units.

The price the firm will charge for this level of output will be Answer dollars.

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