Identify the revenue maximizing and profit maximizing

Assignment Help Macroeconomics

Reference no: EM1313115

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	0	---	0	0	0	---
1	150	150	150	25	25	125	125
2	140			55	30		100
3		390			35	300	75
4			90	130		350
5	110	550		175
6		600	50		55	370
7		630		290	60		-30
8	80	340		355		285
9					75		-85
10		600		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.

Reference no: EM1313115

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