(a) Fill in the table below and answer the following questions. Show your step-by-step calculations either by typing them in the text box below or by submitting a photo of your handwritten calculations to the Drop Box.
(b) How much output will the firm choose to produce? Explain why the firm chooses this level of output.
|
Quantity
|
Price
|
Total Revenue
|
Total Cost
|
Profit
|
Marginal Revenue
|
Marginal Cost
|
|
0
|
$10
|
|
2
|
|
|
|
|
1
|
$10
|
|
4
|
|
|
|
|
2
|
$10
|
|
7
|
|
|
|
|
3
|
$10
|
|
11
|
|
|
|
|
4
|
$10
|
|
17
|
|
|
|
|
5
|
$10
|
|
30
|
|
|
|