1. Use the following to calculate profit at each quantity of output. Total Total Output Price Total Revenue Total Cost (Q) (P) (TR) (TC) 0 $1,900 $0 $1,000 1 $1,700 $1,700 $2,000 2 $1,650 $3,300 $2,800 3 $1,600 $4,800 $3,500 4 $1,550 $6,200 $4,000 5 $1,500 $7,500 $4,500 6 $1,450 $8,700 $5,200 7 $1,400 $9,800 $6,000 8 $1,350 $10,800 $7,000 9 $1,300 $11,700 $9,000 2. Use the table in exercise 1 to calculate marginal revenue and marginal cost. 3. Use the information in exercises 1 and 2 to graphically show maximum profit. Label the profit-maximizing quantity and price, total cost, total revenue, and profit.

1. Use the following to calculate profit at each quantity of output. Total Total Output Price Total Revenue Total Cost (Q) (P) (TR) (TC) 0 $1,900 $0 $1,000 1 $1,700 $1,700 $2,000 2 $1,650 $3,300...

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1. Use the following to calculate profit at each quantity of output.
Total

Total Output	Price	Total Revenue	Total Cost
(Q)	(P)	(TR)	(TC)
0	$1,900	$0	$1,000
1	$1,700	$1,700	$2,000
2	$1,650	$3,300	$2,800
3	$1,600	$4,800	$3,500
4	$1,550	$6,200	$4,000
5	$1,500	$7,500	$4,500
6	$1,450	$8,700	$5,200
7	$1,400	$9,800	$6,000
8	$1,350	$10,800	$7,000
9	$1,300	$11,700	$9,000

2. Use the table in exercise 1 to calculate marginal revenue and marginal cost.

3. Use the information in exercises 1 and 2 to graphically show maximum profit. Label the profit-maximizing quantity and price, total cost, total revenue, and profit.

Answered Same Day Dec 24, 2021

Solution

Robert answered on Dec 24 2021

122 Votes

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1. Use the following to calculate profit at each quantity of output. Total Total Output Price Total Revenue Total Cost (Q) (P) (TR) (TC) 0 $1,900 $0 $1,000 1 $1,700 $1,700 $2,000 2 $1,650 $3,300...

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