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total cost and the total revenue

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solution


Question

Consider the total cost and the total revenue given in the table below;Quantity;0;1;2;3;4;5;6;7;Total cost (in ?);8;9;10;11;13;19;27;37;Total revenue (in ?);0;8;16;24;32;40;48;56;a) Calculate profit for each quantity. How much should the firm produce to maximize profit?;b) Calculate marginal revenue and marginal cost for each quantity.

 

Paper#15366 | Written in 18-Jul-2015

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