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ECO220Y1 Midterm: 2012-03_Test2S-MC.pdf

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ECO220Y1 Full Course Notes

ECO220Y1 Full Course Notes

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Related Questions

Complete the following table and identify the profit maximizing output.

Quantity	Price ($)	Total Revenue ($)	Marginal Revenue ($)	Marginal Cost ($)	Total Profit
10	12	$120	$12	$8	$25
11	12			9
12	12			11
13	12			12
14	12			14

What is the marginal profit for the 3^rd unit of output?

Price Quantity Marginal Revenue Marginal Cost Marginal Profit

$12 0 X X X

12 1 $12 $3 $9

12 2 12 6 6

12 3 __ 9 __

12 4 __ 12 __

12 5 __ 15 __

12 6 __ 18 __

		a. $6
		b. $3
		c. $0
		d. $-3

How to find profit maximizing quantity from table below?

Quantity	Price	Total Revenue	Marginal Revenue	Marginal Cost	Profit
10	12	120	12	8	25
11	12
12	12
13	12
14	12