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The table below sets out the market demand schedule and total cost schedule for your company's poultry production. Construct the company's total revenue, marginal revenue,
- The table below sets out the market demand schedule and total cost schedule for your company's poultry production. Construct the company's total revenue, marginal revenue, and marginal cost schedule. Calculate the firm's economic profit. Graphically illustrate these and mark the profit-maximising quantity and price. Using your graph, calculate the consumer surplus and explain your results.
Price (dollars per kg) | Quantity demanded (Kg per week) | Total Costs (dollars per week) |
13 | 0 | 0 |
12 | 100 | 1000 |
11 | 200 | 1800 |
10 | 300 | 2100 |
9 | 400 | 2700 |
8 | 500 | 3500 |
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