What steps do I take to complete the profit-maximization table at the link below? http://postimage.org/image/7fniecd7h/
The steps that you must take to fill in the chart are as follows:
- To find the price, divide the total revenue by the number of kilograms that the firm produced. Therefore, for the first 100 kg, you take the $48 in total revenue, divide it by 100 kg, and get $.48 per kg for your price.
- To find the marginal revenue, take the total revenue for one output (200 kg, for example). From...
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