Question: Optimization: Marginal Analysis- Quantity Determination, Profit Maximization Given the following information, please state your suggestions: Price Quantity Total Revenue Total Cost 78 1 210 76

Optimization: Marginal Analysis- Quantity Determination, Profit Maximization Given the following information, please state your suggestions:

Price Quantity Total Revenue Total Cost

78 1 210

76 2 180

72 3 160

68 4 148

66 5 138

64 6 140

60 7 152

58 8 180

56 9 210

54 10 246

50 11 285

48 12 330

46 13 378

44 14 428

42 15 482

40 16 540

a. What will be the quantity that you will suggest to produce for reaching the optimization

point (in resource allocation)? Please specify your decision rule and present the

number to support your decision (Must show your calculation steps and explain).

b. Please draw a figures/graphs to show your TC, TR, MR, MC and explain how you

determine your optimal quantity to produce the output based on your graph).

c. What will be the profit amount when the resource allocation decision is optimized (at what

quantity or quantities)?

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