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Quantity Price Total Revenue MR ATC TC MC TP
1 $8.00 $6.00
2 7.50 5.75
3 7.00 5.25
4 6.50 4.75
5 6.00 3.00
6 5.50 3.75
7 5.00 4.5
Given the table above, answer the following questions:
a) Complete the table
b) Determine the profit maximizing level of output
c) Calculate the maximized profit
d) What is the marginal revenue and the marginal cost of the last unit sold.
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