Question: Use the data below to answer the questions: Price Quantity Demanded Total Revenue Marginal Revenue Total Cost Marginal Cost $24 1000 $24,000 ***************** $15,000 ****************

Use the data below to answer the questions:

PriceQuantity DemandedTotal RevenueMarginal RevenueTotal CostMarginal Cost
$241000$24,000*****************$15,000****************
$221250$27,500$14$17,000$8
$201500X$10$19,500$10
$181750$31,500Y$23,000$14
$162000$32,000$2$27,000Z

(a) Calculate total revenue at X.

(b) Calculate marginal revenue at Y.

(c) Calculate marginal cost at Z.

(d) Find the profit-maximizing price.

(e) Find the profit maximizing quantity.

(f) Find the profit the firm will earn.

 

 

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