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The table below shows the total cost and revenue of a pharmacy.
Quantity TR TC
0 0 10
1 13 13
2 22 17
3 27 22
4 28 28
5 25 35
a) Use the data to complete table showing the P, MR, ATC, AVC and MC for each output level.
b) Use the data to draw the firm's profit maximizing graph.
c) What is the profit-maximizing level of output and price?
d) Is the firm earning a positive or a negative profit? Show the firm's profit (or loss) on the graph (in part b).
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