Given quantity (Q), Average Revenue = Marginal Revenue = Price (AR = MR = P) and
ID: 1091755 • Letter: G
Question
Given quantity (Q), Average Revenue = Marginal Revenue = Price (AR = MR = P) and Total Costs (TC), calculate Total Revenue (TR) and Net Revenue (NR). (Enter your answers into the answers boxes in the above table. You do not need lo enter the $ sign.) TR = P times Q; NR = TR - TC The type of firm represented in the previous question is a firm. Is the represented firm in a "profit-maximizing" or a "loss-minimizing situation"? The quantity of output that this firm should produce to maximize profits (or minimize losses) is units.Explanation / Answer
Quantity
P
Total Cost
Total Revenue
Net Revenue
0
40
30
0
-30
1
40
50
40
-10
2
40
68
80
12
3
40
102
120
18
4
40
148
160
12
5
40
200
200
0
Quantity
P
Total Cost
Total Revenue
Net Revenue
0
40
30
0
-30
1
40
50
40
-10
2
40
68
80
12
3
40
102
120
18
4
40
148
160
12
5
40
200
200
0
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