Task:
Output Price Total Cost Total Revenue Marginal Revenue Marginal Cost Profit
0 $1,900 $1000
1 $1,700 $2000
2 $1,650 $2800
3 $1,600 $3500
4 $1,550 $4000
5 $1,500 $4500
6 $1,450 $5200
7 $1,400 $6000
8 $1,350 $7000
9 $1,300 $9000
Calculate Total Revenue, Marginal Revenue, Marginal Cost, and Profit. Graph each to show maximum profit. Label the profit-maximizing quantity and price, total cost, total revenue, and profit.