Complete the following table and identify the profit-maximizing output. a. b. What is true about marginal revenue

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Complete the following table and identify the profit-maximizing output.

b. What is true about marginal revenue and marginal costs when profit is maximized?
c. What would be the profit-maximizing level of output if price fell to$9?

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Exploring Economics

ISBN: 9781439040249

5th Edition

Authors: Robert L Sexton

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Question Posted: Feb 07, 2013 05:42 AM

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Complete the following table and identify the profit-maximizing output. a. b. What is true about marginal revenue

Question:

Total Revenue Marginal Revenue Marginal Cost Quantity Total Profit Price $12 12 12 12 10 $120 $12 $8 $25 12 13 14 12 14

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a b Marginal revenue equals marginal costs at 13 units of output so 13 units is ...View the full answer

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