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Output Total Total Total Ave Ave Ave Marginal Total Marginal Total (TPP Fixed Var Cost Fixed Var Total Cos Rev Rev Profit or Cost Cost
Output Total Total Total Ave Ave Ave Marginal Total Marginal Total (TPP Fixed Var Cost Fixed Var Total Cos Rev Rev Profit or Cost Cost (TC) Cost Cost Cost (MC) (TR) (MR) (TT) Y) (TFC) (TVC) (AFC) (AVC) (ATC) @ Price=10 10 400 50 450 40 5 45 - 100 -350 20 400 90 490 20 4.5 24.5 200 10 -290 30 400 110 510 13.33 3.66 17 300 10 210 40 400 130 530 10 3.25 13.25 400 10 -130 50 400 150 550 8 3 11 2 500 10 -50 60 400 180 580 6.66 9.66 600 10 20 70 400 210 610 5.71 3 8.71 700 10 90 80 400 260 660 5 3.25 8.25 5 800 10 140 90 400 330 730 4.44 3.66 8.11 900 10 170 100 400 430 830 4 4.3 8.3 10 1000 10 170 110 400 550 950 3.63 5 8.63 12 1100 10 150 120 400 710 1110 3.33 5.91 9.25 16 1200 10 90 130 400 910 1310 3.07 7 10.07 20 1300 10 -10 140 400 1160 1560 2.85 8.28 11.14 25 1400 10 -160 150 400 1450 1850 2.66 9.66 12.33 29 1500 10 -350Using excel or other software, Plot the data set contained in the above Table to assist you in the following analysis. at what level of Output (4) or Total Physical Product (TPP) is Profit Maximum. Why should this be considered Maximum Profit? Discuss comprehensively the economic principles surrounding Profit Maximization under a purely competitive market model
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