How much should this firm produce to maximize the profit? Briefly explain. Suppose the prevailing market price

How much should this firm produce to maximize the profit? Briefly explain.
 

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Suppose the prevailing market price for Christmas trees occurs at $20. Now, consider total and marginal cost and total and marginal revenue for a single firm in this market given in the following table. 10 a) Complete the table, and then answer the question that follows: Quantity Total Cost ($) Total Revenue ($) Marginal Cost ($) Marginal Revenue ($) 0 20 0 n.a. n.a. 1 25 20 20 2 35 40 3 50 60 4 68 80 5 88 100 6 120 120 7 159 140 Suppose the prevailing market price for Christmas trees occurs at $20. Now, consider total and marginal cost and total and marginal revenue for a single firm in this market given in the following table. 10 a) Complete the table, and then answer the question that follows: Quantity Total Cost ($) Total Revenue ($) Marginal Cost ($) Marginal Revenue ($) 0 20 0 n.a. n.a. 1 25 20 20 2 35 40 3 50 60 4 68 80 5 88 100 6 120 120 7 159 140