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Consider the data in the table 1 below. TC is total cost, TR is total revenue, and Q is output. Q 0 1 2 3
Consider the data in the table 1 below. TC is total cost, TR is total revenue, and Q is output. Q 0 1 2 3 4 5 6 7 8 9 10 TC 10 18 24 31 39 48 58 69 82 100 120 TR 0 11 22 33 44 55 66 77 88 99 110 To answer the following question, add some extra rows to the table and for each level of output calculate the marginal revenue (MR), the marginal cost (MC) and total profit . Next, compute average fixed cost (AFC), average variable cost (AVC), and average total cost (ATC) for each output level. Flag question: Question 3 Question 33 pts (iii) Using information from Table 1, what is the profit-maximizing output? Flag question: Question 4 Question 41 pts (ii) Using information from Table 1, what is marginal revenue equal to at the profit-maximizing output (in $)? Flag question: Question 5 Question 51 pts (ii) Using information from Table 1, what is marginal cost equal to at the profit-maximizing output (in $)
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