microeconomics
posted by Emma .
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 profitmaximizing 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

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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