A use this information to set up a diagram showing the, Ask an Expert

Economics

(a) Use this information to set up a diagram showing the firm's total revenue and total cost schedules. In this diagram, show the points at which the firm is maximizing profits.

(b) Set up a separate diagram showing that the firm will be maximizing profits at the point where MC=MR. In this diagram, highlight the area representing the firm''s profits.

	2014		2015
	P	Q	P	Q
-lot Dogs	1	1000	2	800
Volleyballs	10	100	15	100
Shorts	20	100	10	200

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