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Price Quantity Demanded (per week) Marginal Cost Total Revenue Marginal Revenue Fixed Cost Total Cost $60 1 $50 $60 $60 $40 $90 55 2 20 110 50 40 110 50 3 24 150 40 40 134 45 4 29 180 30 40 163 40 5 35 200 20 40 198 35 6 45 210 10 40 243 According to this chart how do you answer the following questions a. Assuming you are currently charging $55 per table set, what should you do if you want to maximize profits? b. Given the demand and cost estimates, what price should you change if you want to maximize your weekly profit?What output should you produce? What is your weekly profit? Answers
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