1. Assume that the firm shown in the following table produces output using one fixed input and one variable input. Output Q Price P Total Revenue TR Marginal Revenue MR Total Cost TC Marginal Cost MC Profit 0 $50 $0 $5 1 $50 $35 2 $50 $15 3 $50 $35 4 $50 $55 a. Complete this table and use it to find this firm’s short-run profit-maximizing quantity of output. (10 points) b. How much profit will this firm earn? (10 points)
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