Output Total Cost Price Revenue Profit
0 10 24 0 -10
1 18 22 22 4
2 20 20 40 20
3 22 18 54 32
4 25 16 64 30
5 29 14 70 41
6 34 12 72 38
7 40 10 70 30
8 48 8 64 16
The marketing division of a firm has measured demand for its product and reports that it is Q = 24 – P, where Q is units and P is price per unit in dollars. The cost is given in the table below. Complete the table and determine the profit-maximizing level of output for this firm.
Output Total Cost Price per unit Revenue Profit
0 10
1 18
2 20
3 22
4 25
5 29
6 34
7 40
8 48
1 answer
1 answer