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microeconomics

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The marketing division of a firm has measured demand for its product and reports that it is Q = 24 – P, where Q is units and P is price per unit in dollars. The cost is given in the table below. Complete the table and determine the profit-maximizing level of output for this firm.
Output Total Cost Price per unit Revenue Profit
0 10
1 18
2 20
3 22
4 25
5 29
6 34
7 40
8 48

  • microeconomics - ,

    Output Total Cost Price Revenue Profit
    0 10 24 0 -10
    1 18 22 22 4
    2 20 20 40 20
    3 22 18 54 32
    4 25 16 64 30
    5 29 14 70 41
    6 34 12 72 38
    7 40 10 70 30
    8 48 8 64 16

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