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Calculate total revenue-marginal revenue-average revenue

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Reference no: EM131868502

Price of piano is $1,000. When outputs of piano increase from zero to 8, total cost is 1000, 1200, 1300, 1500, 2000, 3000, 4200, 5500 and 8200. Calculate total revenue, marginal revenue, average revenue, marginal cost at each output of piano, and find profit-maximizing level of output(Hint:price=marginal revenue=average revenue=marginal cost to maximize profit for a perfectly competitive firm)

Reference no: EM131868502

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