Calculate profit for each quantity

Reference no: EM13232018

1. Consider total cost and total revenue given in the table below:
QUANTITY 0
Total cost
$8
Total revenue 0

1
$9
8

2
$10
16

3
$11
24

4
$13
32

5
$19
40

6
$27
48

7
$37
56

a. Calculate profit for each quantity. How much should the firm produce to maximizeprofit?
b. Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint:Put the points between whole numbers. At what quantity do these curves cross? Howdoes this relate to your answer to part (a)?
c. Can you tell whether this firm is in a competitive industry?

Reference no: EM13232018

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