Write MC, TR, or MR on each row. If the rows are neatly labeled, there is...

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Write MC, TR, or MR on each row. If the rows are neatly labeled, there is no need to include the letters). i. Marginal Cost (Column III) (2) (Note: Q is changing by one unit) ii. Total Revenue (Column V) iii. Marginal Revenue (Column VI) Table 1: I || Total Cost III IV V VI Quantity (TC) Marginal Cost Average (MC) Total Revenue Revenue Marginal Revenue (Price) (TR) (MR) (Q) 1 56 80 1.5 [A] [N] 2 84 70 [H] 2.5 [B] 3 96 60 [1] 3.5 [C] [P] 4 104 50 [J] 4.5 [D] 5 120 40 [K] 5.5 [R] 6 156 30 [L] 6.5 [S] 7 224 20 [M] (b) From Table 1 above, the profit maximising quantity of output is 4 units (if the numbers for MC and MR had been graphed). Given this output, calculate the following: i. Price at the profit maximising output: . ii. ATC (TC/Q) at the profit maximising output. iii. Profit per unit of output (Price - ATC) at the profit maximising output: iv. Total Profit at the profit maximising output: Write MC, TR, or MR on each row. If the rows are neatly labeled, there is no need to include the letters). i. Marginal Cost (Column III) (2) (Note: Q is changing by one unit) ii. Total Revenue (Column V) iii. Marginal Revenue (Column VI) Table 1: I || Total Cost III IV V VI Quantity (TC) Marginal Cost Average (MC) Total Revenue Revenue Marginal Revenue (Price) (TR) (MR) (Q) 1 56 80 1.5 [A] [N] 2 84 70 [H] 2.5 [B] 3 96 60 [1] 3.5 [C] [P] 4 104 50 [J] 4.5 [D] 5 120 40 [K] 5.5 [R] 6 156 30 [L] 6.5 [S] 7 224 20 [M] (b) From Table 1 above, the profit maximising quantity of output is 4 units (if the numbers for MC and MR had been graphed). Given this output, calculate the following: i. Price at the profit maximising output: . ii. ATC (TC/Q) at the profit maximising output. iii. Profit per unit of output (Price - ATC) at the profit maximising output: iv. Total Profit at the profit maximising output: