Question Help * The data in the following table give information about the price

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Question Help * The data in the following table give information about the price P (in dollars) for which a firm can sell a unit of output and the total cost of production, where quantity is q, total cost is C, marginal cost is MC, total revenue is R, marginal revenue is MR, and profit is . Exercise 1 P=42 MR Fill in the blanks in the following table. (Enter your responses using integers.,) P 52 MR MC -100 -108 -94 72 - 44 -20 -100 100 150 178 198 212 230 250 272 310 355 410 475 42 42 42 42 42 42 42 42 42 42 52 - 74 104 156 28 20 14 18 20 126 168 210 252 312 52 26 106 113 110 97 336 378 420 416 45 52 42 10 42 Show what happens to the firm's output choice and profit if the price of the product falls from S52 to S42. If the market price falls from $52 to $42, then the firm's output will f the market price falls fom $52 to $42 then the firm's output wilfromunits to units. (Enter your responses using integers.) Enter your answer in the edit fields and then click Check Answ Check Answer Clear All pamt ining

Explanation / Answer

Answer
The firm produces at P=MC or the closet lower MC than P
at P=52
Q=9 and
at P=42
Q=8
the output decreases from 9 units to 8 units

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