1. Complete the Table 1 (below) by calculating: Marginal Cost (Column I: Total Revenue (Column V: Marginal Revenue Column VI) Fill in the cells Then using the total revenue you calculated previously, work out the total profits at 5 units, and then 6 units. Use a a bit of paper to do this. You do not need to show this working but will require the answer for doing the final two questions. (Profit- TR- TCI 2. Which output results in the higher profit: 5 or 6? (Put number only in the box to the right.) 3. What is the profit at this profit-maximising output? (Put number only in the box below.do not put $ sign)
1. Complete the Table 1 (below) by calculating: Marginal Cost (Column I: Total Revenue (Column V: Marginal Revenue Column VI) Fill in the cells Then using the total revenue you calculated previously, work out the total profits at 5 units, and then 6 units. Use a a bit of paper to do this. You do not need to show this working but will require the answer for doing the final two questions. (Profit- TR- TCI 2. Which output results in the higher profit: 5 or 6? (Put number only in the box to the right.) 3. What is the profit at this profit-maximising output? (Put number only in the box below.do not put $ sign)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 7PA
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