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The following table shows some costs and prices faced by a company that produces submarines: Output (submarines per year) 0 1 2 3 4 5
The following table shows some costs and prices faced by a company that produces submarines: Output (submarines per year) 0 1 2 3 4 5 Price (millions per submarine) --- $ 90 $ 80 $ 70 $ 60 $ 50 Total Cost (millions per year) $ 10 30 70 120 190 280 Marginal Cost (millions per year) --- _________blank _________blank _________blank _________blank _________blank Total Revenue (millions per year) 0 90 160 210 240 250 Marginal Revenue (millions per year) --- _________blank _________blank _________blank _________blank _________blank Total Profit (millions per year) _________blank _________blank _________blank _________blank _________blank _________blank Refer to the table. At an output rate of 4 submarines per year, marginal revenue is equal to Multiple Choice $30 million. $70 million. $60 million. $240 million
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