P2.2 A. Fill in the missing data for price ( P ), total revenue ( TR ), marginal revenue ( MR ),… 1 answer below »


P2.2       A. Fill in the missing data for price (P), total revenue (TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (p), and marginal profit (Mp) in the following table:

 

Q

P

TR

MR

TC

MC

p

Mp

0

$160

$ 0

$ —

$ 0

$ —

$ 0

$ —

1

150

150

150

25

25

125

125

2

140

 

 

55

30

 

100

3

 

390

 

 

35

300

75

4

 

 

90

130

 

350

 

5

110

550

 

175

 

 

 

6

 

600

50

 

55

370

 

7

 

630

 

290

60

 

–30

8

80

640

 

355

 

285

 

9

 

 

 

 

75

 

–85

10

 

600

 

525

 

 

 

B.    At what output level is profit maximized?

C.    At what output level is revenue maximized?

D.   Discuss any differences in your answers to parts B and C.

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