The following table shows revenue, costs, and profits, where quantities are in thousands, and total revenue, total cost, and profit are in millions of dollars: Find the profit maximizing price and quantity.   Price Quantity (1,000s) Total Revenue Marginal Revenue Total Cost Profit $ 100         0      $ 0 ----     $ 2 $ -2 90 100         9     $ 9 3     6 80 200 16 7 4 12 70 300 21 5 5 16 60 400 24 3 6 18 50 500 25 1 7 18 40 600 24       -1 8 16 30 700 21       -3 9 12 20 800 16       -5      10     6 10 900         9       -7      11    -2      0   1,000         0       -9      12  -12

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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  1. The following table shows revenue, costs, and profits, where quantities are in thousands, and total revenue, total cost, and profit are in millions of dollars: Find the profit maximizing price and quantity.

 

Price

Quantity

(1,000s)

Total Revenue

Marginal Revenue

Total Cost

Profit

$ 100

        0

     $ 0

----

    $ 2

$ -2

90

100

        9

    $ 9

3

    6

80

200

16

7

4

12

70

300

21

5

5

16

60

400

24

3

6

18

50

500

25

1

7

18

40

600

24

      -1

8

16

30

700

21

      -3

9

12

20

800

16

      -5

     10

    6

10

900

        9

      -7

     11

   -2

     0

  1,000

        0

      -9

     12

 -12

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