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Quantity Price Total Cost
1 1,200 1,500
2 1,100 1,800
3 1,000 2,200
4 900 2,800
5 800 3,500
6 700 4,200
7 600 5,600
Question 1: What is the Quantity that maximizes profit?
Question 2: At the profit maximizing quantity, what is the Total Cost (TC)
Question 3: At the profit maximizing quantity, what is Marginal Cost (MC)?
Question 4: At the profit maximizing quantity, what is Marginal Revenue (MR)
Question 5: At the profit maximizing quantity, what is the value of Profit?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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