Question 4 a. The following presents the costs and revenues for a firm. Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit $8 $0 1 9. 10 16 3 11 24 4 13 32 20 40 6 28 48 7 37 56 Calculate the marginal cost, marginal revenue and profit for each unit of production. ii. i. How many units should the firm produce to maximise profit? b. Describe the relationship between the marginal product and the total product of a firm

Question 4 a. The following presents the costs and revenues for a firm. Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit $8 $0 1 9. 10 16 3 11 24 4 13 32 20 40 6 28 48 7 37 56 Calculate the marginal cost, marginal revenue and profit for each unit of production. ii. i. How many units should the firm produce to maximise profit? b. Describe the relationship between the marginal product and the total product of a firm

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section: Chapter Questions

Problem 4PA

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