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20. Paulina sells beef in a competitive market where the price is $6 per pound. Her total revenue and total costs are given in the table below.   Fill out the table. At what quantity does marginal revenue equal marginal cost? What is the profit-maximizing quantity?

20. Paulina sells beef in a competitive market where the price is $6 per pound. Her total revenue and total costs are given in the table below.   Fill out the table. At what quantity does marginal revenue equal marginal cost? What is the profit-maximizing quantity?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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20. Paulina sells beef in a competitive market where the price is $6 per pound. Her total revenue and total costs are given in the table below.

 

  1. Fill out the table.
  2. At what quantity does marginal revenue equal marginal cost?
  3. What is the profit-maximizing quantity?
Quantity of beef (lb.) 0 1 2 3 4 Total revenue ($) 0 6 12 18 24 Total cost ($) 4 7 11 16 22 Profit ($) Marginal revenue ($) Marginal cost ($) Marginal profit ($)
Transcribed Image Text:Quantity of beef (lb.) 0 1 2 3 4 Total revenue ($) 0 6 12 18 24 Total cost ($) 4 7 11 16 22 Profit ($) Marginal revenue ($) Marginal cost ($) Marginal profit ($)
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