Consider the Following Table, Which Represents Demand and Cost Conditions

question 39

Essay

Consider the following table, which represents demand and cost conditions for a monopoly firm.
(a) Fill in the missing values.
(b) What output level should the firm produce? Explain. $$\begin{array} { | c | c | c | c | c | c | c | c | } \hline \text { Quantity } & \text { Price } & \begin{array} { c } \text { Total } \\\text { Revenue }\end{array} & \begin{array} { c } \text { Marginal } \\\text { Revenue }\end{array} & \begin{array} { c } \text { Total } \\\text { Cost }\end{array} & \begin{array} { c } \text { Marginal } \\\text { Cost }\end{array} & \begin{array} { c } \text { Average } \\\text { Total } \\\text { Cost }\end{array} & \text { Profit } \\\hline 0 & \$ 50 & & & & & & \$ - 60 \\\hline 1 & 45 & & & & \$ 3 & & \\\hline 2 & 40 & & & & 5 & & \\\hline 3 & 35 & & & & 11 & & \\\hline 4 & 30 & & & & 13 & & \\\hline 5 & 25 & & & & 21 & & \\\hline 6 & 20 & & & & 39 & & \\\hline 7 & 15 & & & & 45 & & \\\hline 8 & 10 & & & & 60 & & \\\hline\end{array}$$ (NOTE: Marginal values should be interpreted as values between levels of output.)

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