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(Since you can't fill in the table, please write your numbers in the answer box in a row, separated by commas. Write MC, TR, or
(Since you can't fill in the table, please write your numbers in the answer box in a row, separated by commas. Write MC, TR, or MR on each row. If the rows are neatly labeled, there is no need to include the letters). i. Marginal Cost (Column Ill) (2 marks) (Note: Q is changing by one unit) ii. Total Revenue (Column V) (2 marks) iii. Marginal Revenue (Column VI) (2 marks) Table 1 II IV VI Total Cost Marginal Cost Average Total Marginal Quantity (TC) (MC) Revenue Revenue Revenue (Price) (TR) (MR) (Q) 1 2 100 G 1.5 [A] [N] 2 38 90 [H 2.5 [B] [O] 3 64 3.5 [C] [P] 4 84 70 [J] 4.5 [D] Q] 5 96 60 [K] 5.5 [R 6 104 50 6.5 [F] [S] 7 120 40 [M] (c) From Table 1 above, the profit maximising quantity of output is 5 units (if the numbers for MC and MR had been graphed). Given this output, calculate the following: i. Price at the profit maximising output: (1 mark) ii. ATC (TC / Q) at the profit maximising output: (1 mark) iii. Profit per unit of output (Price - ATC) at the profit maximising output: (1 mark) iv. Total Profit at the profit maximising output: (1 mark)
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