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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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_1_

...
QuantityPriceTotal CostTotal RevenueProfitMarginal CostMarginal Revenue
021500-50--
1206620-461620
2198138-431518
3189554-411416
41710968-411414

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Profit Maximization: Definition, Equation & Theory

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


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