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Evaluate the price (P) and the output (Q) data in the following table. Q P TR MR AR0 $801 702 603 504 405 306 207 108 0
A. Compute the related total revenue (TR), marginal revenue (MR), and average revenue (AR) figures.B. At what output level is revenue maximized?
Revenue Maximization.
Assume the following output (Q) and price (P) data. Q P TR MR AR0 $501 452 403 354 305 256 207 158 109 510 0A. At what output level is revenue maximized?B. Why is marginal revenue less than average revenue at each price level?
Profit Maximization.
Fill in the missing data for price (P), total revenue (TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit ( p ), and marginal profit (M p ) in the following table.Q P TR MR TC MC p M p0 $50 $ 0 $-- $ 10 $-- $ - 10 $--1 45 45 45 60 50 - 15 - 52 40 35 115 - 353 35 175 60 - 354 120 15 65 - 120 - 505 25 5 310 - 656 20 - 5 75 - 80A. At what output (Q) level is profit maximized (or losses minimized)? Explain.B. At what output (Q) level is revenue maximized?
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