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Complete table for Q, FC, VC, TC, MC, MR, Price, TR andProfit using reasonable numbers for a perfectly competitive firm. Forprice, use a number equal
- Complete table for Q, FC, VC, TC, MC, MR, Price, TR andProfit using reasonable numbers for a perfectly competitive firm.Forprice, use a number equal to the number of letters in your first and last name (maximum 18). For Q use 0, 1, 2, 3, 4, 5, 6, 7, 8 For MC use $3, 4, 5, 7, 9, 13, 16, 21.
Then make up numbers for FC, VC, TC, MR but make certain that they correspond to the numbers you already used for Price and MC
Then find and show the profit maximizing level of output showing that it is where MR = MC. (okay if your quantity is in between two numbers).
You may need to play around with the numbers to make this work out.
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