1. There are three parts in this question. Do all three.
2. 1.Complete the Table 1(below)by calculating:Marginal Cost (Column III);Total Revenue (Column V);Marginal Revenue (Column VI)
3. Fill in cells A to P. (Note: most of the numbers are positive values.The + sign does not needto put in. But one of the Marginal Revenue values will be negative:last cell.For this value thenegative sign-must be put in for the answer to be correct.)
4. Thenusing the total revenue you calculated previously, work out the total profitsat5 units,andthen6 units.Use a a bit of paper to do this. You do not need to show this working but will require the answer for doing the final two questions.
5. (Profit = TR - TC)
6. 2.Which output results in the higher profit: 5 or 6?(Put number in thebox below.)
7. 3.What is the profit at this profit-maximising output? (Put numberin the box below.)

II III IV V VI Total Marginal Cost (MC) Average Total Revenue Marginal Revenue Cost Quantity Revenue (TR) (MR) (TC) output (Price) (Q) 1 50 1.5 2 19 45 2.5 3 32 40 3.5 4 42 35 4.5 10 5 48 30 150 5.5 6 52 25