Calculate the marginal cost-marginal revenue

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Reference no: EM13219456

1. Calculate the marginal cost, marginal revenue, and profits for each level of output. Enter your answers in the table.

Number of procedures 250 300 350 400 450
Price (in US $) 2,000 1,920 1,800 1,675 1,550
Revenue (in US $) 500,000 576,000 630,000 670,000 697,500
Cost (in US $) 516,000 538,500 563,500 591,000 621,000
Marginal Cost
Marginal Revenue
Profit

2. At which price would the activity maximize its profits?

3. What is it about total/marginal revenues and/or total/marginal costs that determine this profit-maximizing price?

Reference no: EM13219456

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