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a. Fill in the missing data for price (P), total revenue(TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table:
Q
P ($)
TR = P×Q ($)
MR = ∂TR/∂Q($)
TC ($)
MR = ∂TC/∂Q($)
Π ($)
Mπ = ∂Π/∂Q($)
0
160
---
1
150
25
125
2
140
55
30
100
3
390
35
300
75
4
90
130
350
5
110
550
175
6
600
50
370
7
630
290
60
-30
8
80
340
355
285
9
-85
10
525
b. At what output level is profit maximized? c. At what output level is revenue maximized? d. Discuss any differences in your answers to part B and C.
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