The figure given below shows the revenue and cost curves of a firm.MC represents the marginal cost curve, AC the average cost curve, MR the marginal revenue curve, and AR the average revenue curve. Figure 8.4 
Refer to Figure 8.3.The profit maximizing level of output is:
Definitions:
Detent Position
A mechanical feature that locks a moving part in a specific position, often found in gear selectors to hold gears in place.
1st-Reverse Rail
A component in manual transmission systems, engaging the gear mechanism for the first or reverse gears.
Conversion Cost
The combined cost of direct labor and manufacturing overheads that are incurred to convert raw materials into finished goods.
Book Value
The net value of a company's assets minus its liabilities and intangible items, as stated on the balance sheet.
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