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3. Profit versus total revenue A firm has total revenue (TR) and total cost (TC) curves as shown on the following diagram. To complete
3. Profit versus total revenue A firm has total revenue (TR) and total cost (TC) curves as shown on the following diagram. To complete the graph, you will have to illustrate two distances with line segments. Determine the quantity of output that generates the maximum profit. Use the green points (triangle symbol) to indicate the amount of profit at this quantity of output. Then, determine the quantity of output that generates the maximum total revenue. Use the purple points (diamond symbol) to indicate the amount of revenue at this quantity of output. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Total Revenue, Total Cost 100 TC 90 80 30 28898 20 10 Maximum Revenue TR Maximum Profit 0 5 10 15 20 25 30 35 40 45 50 Quantity of Output (Output per day) The maximum profit this firm can earn is (?) while the maximum total revenue it can earn is
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