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Consider total cost and total revenue, given in the following table: In the final column, enter profit for each quantity. (Note: If the firm suffers
Consider total cost and total revenue, given in the following table: In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.) Total Cost Marginal Cost Total Revenue Marginal Revenue Profit Quantity (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 0 6 0 10 14 W N H 13 21 28 A 17 UT 24 35 32 42 42 49In order to maximize profit, how many units should the rm produce? Check all that apply. In the previous table, enter marginal revenue and marginal Cost for each quantity. On the following graph, use the green points (triangle symbol) to graph the marginal-revenue curve, then use the orange points (square symbol) to plot the marginal-cost curve. (Note: Be sure to plot from left to right and to plot between integers. For example, if the marginal cost of increasing production from 1 unit to 2 units is $5, then you would plot a point at (1.5, 5).) 10 A 9 Marginal Revenue CO -0- Marginal Cost 5 Revenue and Costs A W N 1 0 2 3 4 5 6 7 QuantityThe marginalrevenue curve and the marginalcost curve cross at a quantity V . This firm V in a competitive industry, because marginal revenue is V as quantity increases. The industry V in a longrun equilibrium
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