| Total Output (Q) |
Total Price (P) |
Total Revenue (TR) |
Total Cost (TC) |
| 0 |
1900 |
0 |
1000 |
|
| 1 |
1700 |
1700 |
2000 |
|
| 2 |
1650 |
3300 |
2800 |
|
| 3 |
1600 |
4800 |
3500 |
|
| 4 |
1550 |
6200 |
4000 |
|
| 5 |
1500 |
7500 |
4500 |
|
| 6 |
1450 |
8700 |
5200 |
|
| 7 |
1400 |
9800 |
6000 |
|
| 8 |
1350 |
10800 |
7000 |
|
| 9 |
1300 |
11700 |
9000 |
|
1) Use the following to calculate profit at each quantity of output.
2) Use the table in exercise A to calculate marginal revenue and marginal cost
3) Use the information in A and B to graphically show maximum profit. Label the profit-maximizing quantity and price, total cost, total revenue, and profit.