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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
20
30
40
50
60
70
80


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