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Question
Assuming a market price of $4, fill in the columns in the following table. What is the profit-maximizing level of production? What are the two ways to determine the profit-maximizing level of production?| Quantity | Total Revenue (TR) | Total Cost (TC) | Profit | Marginal Revenue (MR) | Marginal Cost (MC) |
| 0 | 3 | ||||
| 1 | 5 | ||||
| 2 | 6 | ||||
| 3 | 9 | ||||
| 4 | 14 | ||||
| 5 | 20 | ||||
| 6 | 28 | ||||
| 7 | 40 |
Answer
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