6 1. Complete the Table 1 (below) by calculating: Marginal Cost (Column I: Total Revenue (Column VI:Marginal Revenue (Column VI)Fill in the cellsThen using the total revenue you calculated previcusly, work out the total profits at 5 units, and then 6 units. Use a a bit of paper to do this. You do not need to show this working but will requireanswer for doing the final two questions.(Profit - TR - TC)2. Which output results in the higher profit: 5 or 6? (Put number only in the box to the right)3. What is the profit at this profit-maximising output? (Put number only in the box below:do not put $ sign)IVVIAverageQuantityTotal CostTotal RevenueMarginal RevenueMarginal Cost (MC)Revenueoutput(TC)(TR)(MR)(Price)(Q)s011.522.533.54.51051505.5RE(Alt + A)140

Answered: Image /qna-images/answer/be0c3b4b-29e5-4dcc-8534-0486a19009de.jpg

1. Complete the Table 1 (below) by calculating: Marginal Cost (Column I: Total Revenue (Column V: Marginal Revenue Column VI) Fill in the cells Then using the total revenue you calculated previously, work out the total profits at 5 units, and then 6 units. Use a a bit of paper to do this. You do not need to show this working but will require the answer for doing the final two questions. (Profit- TR- TCI 2. Which output results in the higher profit: 5 or 6? (Put number only in the box to the right.) 3. What is the profit at this profit-maximising output? (Put number only in the box below.do not put $ sign)

1. Complete the Table 1 (below) by calculating: Marginal Cost (Column I: Total Revenue (Column V: Marginal Revenue Column VI) Fill in the cells Then using the total revenue you calculated previously, work out the total profits at 5 units, and then 6 units. Use a a bit of paper to do this. You do not need to show this working but will require the answer for doing the final two questions. (Profit- TR- TCI 2. Which output results in the higher profit: 5 or 6? (Put number only in the box to the right.) 3. What is the profit at this profit-maximising output? (Put number only in the box below.do not put $ sign)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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