Question 4 a. The following presents the costs and revenues for a firm. Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit $8 $0 1 9. 10 16 3 11 24 4 13 32 20 40 6 28 48 7 37 56 Calculate the marginal cost, marginal revenue and profit for each unit of production. ii. i. How many units should the firm produce to maximise profit? b. Describe the relationship between the marginal product and the total product of a firm
Question 4 a. The following presents the costs and revenues for a firm. Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit $8 $0 1 9. 10 16 3 11 24 4 13 32 20 40 6 28 48 7 37 56 Calculate the marginal cost, marginal revenue and profit for each unit of production. ii. i. How many units should the firm produce to maximise profit? b. Describe the relationship between the marginal product and the total product of a firm
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter14: Firms In Competitive Markets
Section: Chapter Questions
Problem 4PA
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