Chapter 8 3. Consider the total cost and total revenue schedules of two firm: Gulp and Devour Shady Enterprise Output TR TC TR 145 50 160 175 225 430 ARD 150 575 500 860 675 735 1100 720 " For each firm, and each level of output, calculate marginal cou, average cost, mananal revenue, price, profit, and marginal profit b) On graph paper plot all the variables in part tak. What is the profit maximbing output In each cake? Show that three crim in equivalent: margind cou equal margind revenge, maximum profit and marginal profit equals mito