Fill the missing values of TR, MR, TC, MC, marginal profit and identify the revenue maximizing and profit mazimizng output.
a.Fill in the missing data for price (P), total revenue(TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table:
Q
|
P ($)
|
TR = P×Q ($)
|
MR = ∂TR/∂Q($)
|
TC ($)
|
MR = ∂TC/∂Q($)
|
Π ($)
|
Mπ = ∂Π/∂Q($)
|
0
|
160
|
0
|
---
|
0
|
0
|
0
|
---
|
1
|
150
|
150
|
150
|
25
|
25
|
125
|
125
|
2
|
140
|
|
|
55
|
30
|
|
100
|
3
|
|
390
|
|
|
35
|
300
|
75
|
4
|
|
|
90
|
130
|
|
350
|
|
5
|
110
|
550
|
|
175
|
|
|
|
6
|
|
600
|
50
|
|
55
|
370
|
|
7
|
|
630
|
|
290
|
60
|
|
-30
|
8
|
80
|
340
|
|
355
|
|
285
|
|
9
|
|
|
|
|
75
|
|
-85
|
10
|
|
600
|
|
525
|
|
|
|
b. Illustrate at what output level is profit maximized?
c. Illustrate at what output level is revenue maximized?
d. Describe any differences in your answers to part B and C.