Calculate the marginal cost marginal revenue and profits, Ask an Expert

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1. Calculate the marginal cost, marginal revenue, and profits for each level of output. Enter your answers in the table.

Number of procedures 250 300 350 400 450
Price (in US $) 2,000 1,920 1,800 1,675 1,550
Revenue (in US $) 500,000 576,000 630,000 670,000 697,500
Cost (in US $) 516,000 538,500 563,500 591,000 621,000
Marginal Cost
Marginal Revenue
Profit

2. At which price would the activity maximize its profits?

3. What is it about total/marginal revenues and/or total/marginal costs that determine this profit-maximizing price?

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