Consider the information in the table below: 
Plot the total revenue and total cost curves for this firm.What is the maximum economic profit this firm can earn? How much will the entrepreneur earn when the firm is maximizing profits? Do the slopes of the two curves appear to be the same at the maximum profit level?
Definitions:
Marginal Product
The increase in output resulting from a one-unit increase in the amount of a single input used, keeping all other inputs constant.
Premium
A premium is the amount paid for an insurance policy, representing the price for the insurance coverage or the amount over the nominal value of something.
Advanced Degrees
Educational certifications beyond the undergraduate level, including master's, doctoral, and professional degrees.
Median Earnings
The middle value of earnings in a given distribution, where half of the observation points are below and half above.
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