# Help me fill in the chart. And do 1-2. Thank you. There is no need for explanation, only answers....

## Question:

Help me fill in the chart. And do 1-2. Thank you. There is no need for explanation, only answers.

A. A firm faces a demand and cost structure as given in table below:

Quantity | Price | Total Cost |

0 | 21 | 50 |

1 | 20 | 66 |

2 | 19 | 81 |

3 | 18 | 95 |

4 | 17 | 109 |

5 | 16 | 125 |

6 | 15 | 143 |

7 | 14 | 162 |

8 | 13 | 190 |

9 | 12 | 230 |

10 | 11 | 280 |

1. Graph the demand, the marginal revenue, and the marginal cost curves.

2. Determine the profit maximization output and the maximum profit or loss of this firm.

Illustrate graphically the profit or loss on your graph.

Will this firm get out or stay in this market? Why?

## Marginal cost and Marginal revenue

Marginal cost: Marginal cost is the additional cost incurred for the production of an additional unit of output.

Marginal revenue: Marginal revenue is the revenue gained by selling of one additional unit of good or service.

## Answer and Explanation: 1

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Quantity | Price | Total Cost | Total Revenue | Profit | Marginal Cost | Marginal Revenue |
---|---|---|---|---|---|---|

0 | 21 | 50 | 0 | -50 | - | - |

1 | 20 | 66 | 20 | -46 | 16 | 20 |

2 | 19 | 81 | 38 | -43 | 15 | 18 |

3 | 18 | 95 | 54 | -41 | 14 | 16 |

4 | 17 | 109 | 68 | -41 | 14 | 14 |

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Chapter 24 / Lesson 6Learn the profit maximization definition, its importance, and explore the profit maximization theory. See how to calculate profit maximization with examples.

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