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Question 1

The table below shows data for the production of apples for an individual firm operating in a perfectly competitive market.

Quantity of applesTotal RevenueTotal Costs
0010
106030
2012040
3018060
4024090
50300130
60360180
70420240
80480310

Given this data, complete the table:

 Quantity of apples Marginal Revenue (MR) Marginal Costs (MC) Profit 0 - - -10 10 6 2 30 20 6 1 80 30 6 2 120 40 6 3 150 50 6 4 170 60 6 5 180 70 6 6 180 80 6 7 170

Hint

Question 2

At what quantity does this firm maximize its profit?

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

Hint

Question 3

What is marginal revenue at 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 marginal cost at the profit maximizing quantity?

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

Hint