Using the formulas for profit, marginal revenue, and marginal cost, fill in the table below:
Q | TR | TC | Profit | MR | MC |
---|---|---|---|---|---|
0 | 0 | 20 |
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1 | 30 | 40 |
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2 | 60 | 56 |
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3 | 90 | 76 |
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4 | 120 | 100 |
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5 | 150 | 130 |
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6 | 180 | 170 |
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What is the optimal output (Q) where TR > TC and where MR = MC?
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