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Using the figure above, answer the following:
What rate of output maximizes profits?
What is MR at the rate of output? What is price?
If output is increased beyond that point, what is the relationship of MC to MR? How will this affect total profits?
Business Economics, Economics
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1. Suppose that the total benefit and total cost from a continuous activity are, respectively, given by the following equations: B(Q) = 100 + 36Q - 4Q2 and C(Q) = 80 + 12Q. [Note: MB(Q) = 36 - 8Q and MC(Q) = 12.] a. Writ ...
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