A firm has total revenue (TR) and total cost (TC) curves as shown on the following diagram. To complete the graph, you wa Rave to distances with line segments. Determine the quantity of output that generates the maximum profit. Use the green points (triangle symbol) to indicate the amount of profit at this quantity of output. Then, determine the quantity of output that generates the maximum total revenue. Use the purple points (diamond symbol) to indicate the amount of revenue at this quantity of output. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Total Revenue, Total Cost 100 80 222RR NO TC The maximum profit this firm can earn is TR 10 18 20 25 30 38 40 Quantity of Output (Output per day) 4 Maximum Revenue 4 Maximum Prot while the maximum total revenue it can earn is $80 per week

A firm has total revenue (TR) and total cost (TC) curves as shown on the following diagram. To complete the graph, you wa Rave to distances with line segments. Determine the quantity of output that generates the maximum profit. Use the green points (triangle symbol) to indicate the amount of profit at this quantity of output. Then, determine the quantity of output that generates the maximum total revenue. Use the purple points (diamond symbol) to indicate the amount of revenue at this quantity of output. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Total Revenue, Total Cost 100 80 222RR NO TC The maximum profit this firm can earn is TR 10 18 20 25 30 38 40 Quantity of Output (Output per day) 4 Maximum Revenue 4 Maximum Prot while the maximum total revenue it can earn is $80 per week

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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