Economics Homework Solutions
#134173
Profit Maximization
Fill in the missing data for price (P), total revenue (TR), marginal revenue (MR), total cost (TC), marginal cost (MC) profit (ח) and marginal profit (Mח) in the following table.
Q P TR MR TC MC π M π
0 $230 $0 $-- $0 $- $0 $-
1 210 10 200
2 380 20 150
3 170 130 30 450
4 600 100 40 50
5 130 160 60 490 -10
6 660 430
7 630 -30 310 -110
8 70 -70 400 90 160 -160
A. At what output (Q) Level is profit maximized?
B. At what out put (Q) level is revenue maximized?
C. Discuss any differences in your answers to Parts A and B
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