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. PriceQuantity(1,000s)Total RevenueMarginal RevenueTotal CostProfit$ 100 0 $ 0---- $ 2$ -290100 9 $ 93 6802001674127030021551660400243618505002517184060024 -18163070021 -39122080016 -5 10 610900 9 -7 11 -2 0 1,000 0 -9 12 -12

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Answered: The following table shows revenue,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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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