Table 14 9 Suppose that a firm in a competitive market faces the following revenues and cos Quantity 10 1 15 16 17 18 19 Total Revenue SO 8 16 24 32 40 48 56 64 72 Total Cost 5 9 14 20 27 35 44 54 65 72 Refer to Table 14 9 If the firm produces 3 units of output O total revenue is greater than variable cost Omarginal cost is 4 marginal revenue is less than marginal cost the firm is maximizing profit