There are three parts in this question. Do all three.

1. Complete the Table 1 (below) by calculating: Marginal Cost (Column III); Total Revenue (Column V); Marginal Revenue (Column VI)

Fill in cells A to P. (Note: most of the numbers are positive values.The + sign does not need to put in. But one of the Marginal Revenue values will be negative: last cell. For this value the negative sign - must be put in for the answer to be correct.)

Then using the total revenue you calculated previously, work out the total profits at 5 units, and then 6 units. Use a a bit of paper to do this. You do not need to show this working but will require the answer for doing the final two questions.

Quantity Total Cost output (TC) |Marginal Cost (MC) Revenue Total Revenue Marginal Revenue (Price) (TR) (MR) 1 1 50 1.5 2 19 45 2.5 3 32 40 3.5 4 42 35 4.5 5 48 10 30 5.5 150 6 52 25 6.5 60 20 140