Question: Optimization: Marginal Analysis-Quantity Determination, Profit Maximization Given the following information, please state your suggestions: Price 76 73 68 64 62 59 56 53 51 49

Optimization: Marginal Analysis-Quantity Determination, Profit Maximization

Given the following information, please state your suggestions:

Price

Quantity

Total Revenue (Not listed)

Total Cost

212

191

171

155

144

139

143

165

189

220

261

307

362

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

b. Please draw a figures/graphs to show your TC, TR, MR, M Cand 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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