Profit = $400
Price = $34 per unit
Output = 200 units
Marginal cost = $19 per unit
Total revenue = Price * Output = $34 * 200 = $6,800
Profit = Total revenue - Total cost
Total cost = Total revenue - Profit = $6,800 - $400 = $6,400
Calculate the average total cost -
ATC = Total cost/Output = $6,400/200 = $32
Thus,
The firm's average total cost is $32.
At profit-maximizing point, marginal revenue equals marginal cost.
The marginal cost at the profit-maximizing output is $19.
So,
The firm's marginal revenue is $19.
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