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1
1.( a ) Complete the following cost and revenue schedules:
Total Total Marginal
Quantity Price Revenue Cost Cost
0 $60
1 60
2 60
3 60
4 60
5 60
( b ) Graph MC and p .
( c ) What rate of output maximizes profit?
( d ) What is MC at that rate of output?
2. Complete the following cost schedules:
Quantity 0 1 2 3 4 5 6 7
Total cost $9 $12 $16 $21 $30 $40 $52 $66
ATC
MC
( a ) Total revenue maximized?
( b ) ATC minimized?
( c ) Profit per unit maximized?
( d ) Total profit maximized?
Expert Solution
PFA
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