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Question 1

The table below shows data for the production of Apples for an individual firm operating as a monopoly.

Quantity of ApplesPriceTotal Costs
02401900
102202400
202003400
301804800
401608000
5014012800
6012017400

Given this data, complete the table:





 Quantity of Apples  Total Revenue (TR) Profit Marginal Revenue (MR) Marginal Costs (MC)
0
-- --
10
20
30
40
50


Hint


Question 2

At what quantity are marginal revenues equal to marginal costs?

Hint


Question 3

What is the profit maximizing quantity?

NOTE: If there are two quantities with the same level of profits, pick the larger of the two quantities!

Hint


Question 4

What is the profit maximizing price?

NOTE: If there are two quantities with the same level of profits, pick the larger of the two quantities!

Hint