Homework (Ch 11) Exotic Metals, Inc., a leading manufacturer of beryllium, which is used in many electronic products, estimates the following demand schedule for its product. Find the total revenue and marginal revenue schedules for the firm and complete the following table. Price Quantity Total Revenue Marginal Revenue ($/Pound) (Pound/ Period) ($/Period ($/Period) 0 36 1,000 36,000 36.00 32 2,000 28 3,000 24 4,000 20 5,000 16 5,000 12 7,000 8 8,000 9,000 Fixed costs of manufacturing beryllium are $14,000 per period. The firm's variable cost schedule is as follows: Determine the average total cost and marginal cost schedules for the firm and complete the following table. Output Variable Cost Total Cost Marginal Cost (Pound/Period) (Per Pound) ($/Period) ($/Period) 1,000 20.00 34,000 34.00 2,000 17.00 3,000 14.66 4,000 12.50 5,000 10.80 6,000 10.00 7,000 10.28 8,000 11.76 9,000 14.00 Exotic Metals maximizes profits when the price is |$ per pound and the output level is pounds per period. What is Exotic's profit (or loss) at the profit-maximizing output level? |$ Suppose that the federal government announces it will sell beryllium, from its extensive wartime stockpile, to anyone who wants it at $11.96 per pound. Under these conditions, Exotic Metals maximizes profits by producing pounds per period. Grade It Now Save & Continue