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(Solved) Profit Maximization . Fill in the missing data for price (P),


 

Profit Maximization. Fill in the missing data for price (P), total revenue (TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (p), and marginal profit (Mp) in the following table.

Q

P

TR

MR

TC

MC

p

Mp

0

$50

$    0

$--

$    10

$--

$  -10

$--

1

45

45

45

60

50

-15

-5

2

40

35

115

-35

3

35

175

60

-35

4

120

15

65

-120

-50

5

25

5

310

-65

6

20

-5

75

-80

A.

At what output (Q) level is profit maximized (or losses minimized)? Explain.

B.

At what output (Q) level is revenue maximized?


Q

 

0

 

1

 

2

 

3

 

4

 

5

 

6

 


 

P

 


 

TR

 


 

MR

 


 

TC

 


 

MC

 


 

p

 


 

Mp

 


 

50

 

45

 

40

 

35

 

30

 

25

 

20

 


 

0

 

45

 

80

 

105

 

120

 

125

 

120

 


 

45

 

35

 

25

 

15

 

5

 

-5

 


 

10

 

60

 

115

 

175

 

240

 

310

 

385

 


 

50

 

55

 

60

 

65

 

70

 

75

 


 

-10

 

-15

 

-35

 

-70

 

-120

 

-185

 

-265

 


 

-5

 

-20

 

-35...

 


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DATE ANSWERED

Oct 15, 2019

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