The table shows the cost and revenue data for an outpatient surgery clinic. Calculate the clinic's marginal cost, marginal revenue, and profits at each level of output. Which price maximizes profits?
|
Surgeries
|
250
|
300
|
350
|
400
|
450
|
|
Price
|
$2000
|
$1,920
|
$1,800
|
$1,675
|
$1,550
|
|
Revenue
|
$500,000
|
$576,000
|
$630,000
|
$670,000
|
$697,000
|
|
Cost
|
$516,000
|
$538,000
|
$563,000
|
$591,000
|
$621,000
|