Fill the missing values of TR, MR, TC, MC, marginal profit and identify the revenue maximizing and profit mazimizng output.
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a.Fill in the missing data for price (P), total revenue(TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table:
Q
|
P ($)
|
TR = P×Q ($)
|
MR = ∂TR/∂Q($)
|
TC ($)
|
MR = ∂TC/∂Q($)
|
Π ($)
|
Mπ = ∂Π/∂Q($)
|
0
|
160
|
0
|
---
|
0
|
0
|
0
|
---
|
1
|
150
|
150
|
150
|
25
|
25
|
125
|
125
|
2
|
140
|
|
|
55
|
30
|
|
100
|
3
|
|
390
|
|
|
35
|
300
|
75
|
4
|
|
|
90
|
130
|
|
350
|
|
5
|
110
|
550
|
|
175
|
|
|
|
6
|
|
600
|
50
|
|
55
|
370
|
|
7
|
|
630
|
|
290
|
60
|
|
-30
|
8
|
80
|
340
|
|
355
|
|
285
|
|
9
|
|
|
|
|
75
|
|
-85
|
10
|
|
600
|
|
525
|
|
|
|
b. Illustrate at what output level is profit maximized?
c. Illustrate at what output level is revenue maximized?
d. Describe any differences in your answers to part B and C.