Quantity Total Revenue Total Cost $0 $10 1 $9 $14 2 $18 $19 3 $27 $25 4 $36 $32 $45 $40 $54 $49 7 $63 $59 8 $72 $70 9. $81 $82 Refer to Table 14-5. At a production level of 4 units which of the following is true? Marginal cost is $4. Total revenue is greater than variable cost. Marginal revenue is less than marginal cost. The firm is maximizing profit.

Quantity Total Revenue Total Cost $0 $10 1 $9 $14 2 $18 $19 3 $27 $25 4 $36 $32 $45 $40 $54 $49 7 $63 $59 8 $72 $70 9. $81 $82 Refer to Table 14-5. At a production level of 4 units which of the following is true? Marginal cost is $4. Total revenue is greater than variable cost. Marginal revenue is less than marginal cost. The firm is maximizing profit.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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