Optimization: Marginal Analysis-Quantity Determination, Profit Maximization Given the following information, please state your suggestions:

Price Quantity Total Revenue Total Cost

76 1 212

73 2 191

68 3 171

64 4 155

62 5 144

59 6 139

56 7 143

53 8 165

51 9 189

49 10 220

47 11 261

45 12 307

43 13 362

a. What will be the quantity that you will suggest to produce for reaching the optimization point (in resource allocation)? Please specify your decision rule and present thenumber to support your decision (Must show your calculation steps and explain)

b. Please draw a figures/graphs to show your TC, TR, MR, MC and explain how you determine your optimal quantity to produce the output based on your graph).

c. What will be the profit amount when the resource allocation decision is optimized (at what quantity or quantities)?