Problem-3: Consider total cost and total revenue given in the following table. Quantity Total Cost Total Revenue 0 $15 0 1 20 8 2 29 26 3 39 50 4 50 65 5 64 79 6 80 92 7 95 100 Calculate profit, marginal revenue, marginal cost for each quantity? How much should the firm produce to maximise profit?.
Problem-3: Consider total cost and total revenue given in the following table.
Quantity Total Cost Total Revenue
0 $15 0
1 20 8
2 29 26
3 39 50
4 50 65
5 64 79
6 80 92
7 95 100
Calculate profit, marginal revenue, marginal cost for each quantity? How much should the firm produce to maximise profit?.
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