The company Econislife is deciding what output level will provide profit-maximization. According to the graph below, what level of output will maximize profit? 10,000 T 9,000+ 8,000+ 7,000+ 6,000- Dollars 5,000- 4,000+ 3,000+ 2,000+ 1,000+ Total cost Total revenue 10 20 30 40 50 60 70 80 90 Quantity 100 Econislife total revenue and total cost Provide your answer below:

The company Econislife is deciding what output level will provide profit-maximization. According to the graph below, what level of output will maximize profit? 10,000 T 9,000+ 8,000+ 7,000+ 6,000- Dollars 5,000- 4,000+ 3,000+ 2,000+ 1,000+ Total cost Total revenue 10 20 30 40 50 60 70 80 90 Quantity 100 Econislife total revenue and total cost Provide your answer below:

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 22RQ: What are diminishing marginal returns as they relate to costs?

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