Based on the information in the table below, determine what quantity this firm should produce to maximize its profit.QuantityMarginal CostAverage Total CostP=Marginal RevenueTotal Cost0 $ 1001 $ 200 $ 300 $ 200 $ 3002 $ 100 $ 200 $ 200 $ 4003 $ 70 $ 157 $ 200 $ 4704 $ 100 $ 143 $ 200 $ 5705 $ 142 $ 142 $ 200 $ 7126 $ 200 $ 152 $ 200 $ 9127 $ 270 $ 169 $ 200 $ 1,1828 $ 318 $ 188 $ 200 $ 1,500Group of answer choices

Given, Quantity Marginal Cost Average Total Cost P=Marginal Revenue Total Cost 0 $…

Answered: Based on the information in the table…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Based on the information in the table below, determine what quantity this firm should produce to maximize its profit.

Quantity	Marginal Cost	Average Total Cost	P=Marginal Revenue	Total Cost
0				$ 100
1	$ 200	$ 300	$ 200	$ 300
2	$ 100	$ 200	$ 200	$ 400
3	$ 70	$ 157	$ 200	$ 470
4	$ 100	$ 143	$ 200	$ 570
5	$ 142	$ 142	$ 200	$ 712
6	$ 200	$ 152	$ 200	$ 912
7	$ 270	$ 169	$ 200	$ 1,182
8	$ 318	$ 188	$ 200	$ 1,500

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