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Calculate profit for quantity

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Reference no: EM13927439

Consider the total cost and the total revenue given in the table below:

Quantity

0
1
2
3
4
5
6
7

Total cost (in €)

8
9
10
11
13
19
27
37

Total revenue (in €)

0
8
16
24
32
40
48
56

a) Calculate profit for each quantity. How much should the firm produce to maximize profit?

b) Calculate marginal revenue and marginal cost for each quantity.

Reference no: EM13927439

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