Homework Answers
a) The completed table is given below
Total Revenue = Price * Total Quantity
Marginal Cost = ( Change in Revenue / Change in Quantity )
| Rate | Price | TR | TC | MC |
| 0 | 60 | 0 | 50 | 0 |
| 1 | 60 | 60 | 70 | 20 |
| 2 | 60 | 120 | 110 | 40 |
| 3 | 60 | 180 | 170 | 60 |
| 4 | 60 | 240 | 240 | 70 |
| 5 | 60 | 300 | 320 | 80 |
b) The graph is produced below
c) Profit is maximized when the marginal revenue equals the
marginal cost.
MR = MC
Here marginal revenue is $60 and it is equal to the marginal cost
at the output rate of 3.
d) The profit is maximized when the firm has its marginal cost
equal to the marginal revenue.
MR = MC
So at the profit maximization point, marginal cost will be equal to
the marginal revenue and that is $60.
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please provide explanations for answer
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