Question 5 4 pts Examine the table above, which gives information about the cost

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Question 5 4 pts Examine the table above, which gives information about the costs of a perfectly competitive firm. You are hired to determine the profit-maximizing quantity for th different prices. For each price listed, you must find the output level, total reven cost, and profit. 5 When the market price is P = $70. What is the profit maximizing level of output? What is total revenue at this level of output? What is the total cost at this level of output? U5 What is the profit at this level of output? 4 45 75 4S 45 Question6 n the short run where total variable cost is ost is positive and increasing. at a (n) rate, marginal

Explanation / Answer

Qty TFC TVC TC MC TR MR Profits 0 45 0 45 - 0 0 0 1 45 20 65 20 70 70 5 2 45 35 80 15 140 70 60 3 45 45 90 10 210 70 120 4 45 75 120 30 280 70 160 5 45 120 165 45 350 70 185 6 45 180 225 60 420 70 195 Req 1: Profit Maximizing output is 6 units As MR> MC, the firm must produce the goods. Req 2: Total revenue is $420. Req 3: Total Cost is $ 225 Req 4:; Total profits at this level of output is $ 195.

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