5. The following table presents the cost and revenue data for a firm:COSTSREVENUESQuantityTotalMarginalQuantityTotalMarginalProducedCostCostDemandedPriceRevenueRevenue$25$28$32$60$5411$48$42$36$30$24$18$12$37$43$50334455$58$67$777788Complete the table above. What is the profit-maximizing output for this firm?a) 3 unitsb) 4 unitsc) 5 unitsd) 6 units

Costs Revenues Quantity Produced Total Cost $ Marginal Cost Quantity Produced Price $ Total…

Answered: Complete the table above. What is the…

Complete the table above. What is the profit-maximizing output for this firm? a) 3 units b) 4 units c) 5 units d) 6 units

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

5. The following table presents the cost and revenue data for a firm:
COSTS
REVENUES
Quantity
Total
Marginal
Quantity
Total
Marginal
Produced
Cost
Cost
Demanded
Price
Revenue
Revenue
$25
$28
$32
$60
$54
1
1
$48
$42
$36
$30
$24
$18
$12
$37
$43
$50
3
3
4
4
5
5
$58
$67
$77
7
7
8
8
Complete the table above. What is the profit-maximizing output for this firm?
a) 3 units
b) 4 units
c) 5 units
d) 6 units

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