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anhsu anhsu
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5 years ago
Assuming a market price of $4, fill in the columns in the following table. What is the profit-maximizing level of production? What are the two ways to determine the profit-maximizing level of production?

QuantityTotal Revenue (TR)Total Cost (TC)ProfitMarginal Revenue (MR)Marginal Cost (MC)
0​  3​​​
1​  5​​​
2​  6​​​
3​  9​​​
4​14​​​
5​20​​​
6​28​​​
7​40​​​
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
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Replies
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#1
5 years ago
QuantityTotal Revenue (TR)Total Cost (TC)ProfitMarginal Revenue (MR)Marginal Cost (MC)
0  0  3-3------
1  4  5-14  2
2  8  6  24  1
312  9  34 3
41614  24  5
52020   0 4  6
62428 -44  8
72840-12412

The profit-maximizing level of production is 3 units, which can be determined by the greatest difference between total revenue and total cost, which is equal to profit, and can also be determined where marginal revenue is equal to marginal cost (or marginal revenue is the closest to marginal cost, without being below marginal cost).
anhsu Author
wrote...
#2
5 years ago
This calls for a celebration Person Raising Both Hands in Celebration
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