ECO220Y1 Midterm: 2012-07_Test2S-MC.pdf
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Complete the following table and identify the profit maximizing output.
| Quantity | Price ($) | Total Revenue ($) | Marginal Revenue ($) | Marginal Cost ($) | Total Profit |
| 10 | 12 | $120 | Ā $12 | Ā $8 | $25 |
| 11 | 12 | Ā | Ā | 9 | Ā |
| 12 | 12 | Ā | Ā | 11 | Ā |
| 13 | 12 | Ā | Ā | 12 | Ā |
| 14 | 12 | Ā | Ā | 14 | Ā |
How to find profit maximizing quantity from table below?
|
Quantity |
Price |
Total Revenue |
Marginal Revenue |
Marginal Cost |
Profit |
|
10 |
12 |
120 |
12 |
8 |
25 |
|
11 |
12 |
Ā | Ā | Ā |
Ā |
|
12 |
12 |
Ā | Ā | Ā |
Ā |
|
13 |
12 |
Ā | Ā | Ā |
Ā |
|
14 |
12 |
Ā | Ā | Ā |
Ā |
