Profit Maximization and Marginal Analysis for Perfectly Competitive and Monopoly Firms

1. Fill in the missing values in the table below. Show your work. Total Costs = Fixed Costs + Variable Costs Average Total Costs = Total Costs/Quantity Marginal Costs = Change in Total Cost / Change in Quantity Total Revenue = Marginal Revenue x Quantity Total Profit = Total Revenue Total Costs Marginal Revenue Quantity Fixed Variable (Q) Costs Costs Total Average Total Costs Costs (AC) 20 20 20 20 20 20 Marginal costs (MC) 20 20 25 35 20 40 45 40 18_33333333 20 20 20 20 20 20 Total Revenue 20 60 100 Total profit -20 10