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What is the profit-maximizing price and quantity

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Reference no: EM131311663

You are an economic consultant and encounter a firm with the following data:

Quantity of Labor

Fixed Costs

Variable Costs

Total Costs

Quantity

Marginal Costs

5

$150

20

6

$150

28

7

$150

34

8

$150

38

The wage rate is $8 per unit. Fill in the rest of the table.

The price-quantity combination is as follows:

Fill in the rest of the table

Price

Quantity

TR

MR

$10.50

20

$9.24

28

$7.87

34

$6.33

38

What is the profit-maximizing price and quantity and what is the profit at that point?

Reference no: EM131311663

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