What level of output maximizes the firms profits

Reference no: EM13218942

Complete the chart below for a firm that is operating under conditions of perfect competition where the market price is $22. What level of output maximizes the firm's profits?

Quantity -21,22,23,24

Price

Total Revenue

Marginal Revenue

Marginal Cost- 16

Total Cost - 389 407 427 454 484

Total Profit

Reference no: EM13218942

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