Total cost and the total revenue

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Reference no: EM13760244

Consider the total cost and the total revenue given in the table below:

Quantity

0

1

2

3

4

5

6

7

Total cost (in €)

8

9

10

11

13

19

27

37

Total revenue (in €)

0

8

16

24

32

40

48

56

a) Calculate profit for each quantity. How much should the firm produce to maximize profit?

b) Calculate marginal revenue and marginal cost for each quantity.

Reference no: EM13760244

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