At what level of output would the firm produce

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Reference no: EM13214969

Use the information in the table to calculate total revenue, marginal revenue, and marginal cost. Indicate the profit-maximizing level of output. If the price was $3 and fixed costs were $5, what would variable costs be? At what level of output would the firm produce?

Output Price Total Costs

1 $5 $10
2 $5 $12
3 $5 $15
4 $5 $19
5 $5 $24
6 $5 $30
7 $5 $45

Reference no: EM13214969

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