The next series of questions uses the following table. The table contains 5 columns: Quantity Q, Price P, Total Revenue TR, Total Cost TC, and Total Profit. You are given the numbers for the 1st, 2nd, and 4th columns and must find the numbers for the 3rd column (Total Revenue) and the 5th column (Total Profit). I suggest completely filling out the table on a piece of paper. First, calculate total revenue at a quantity of 2. Quantity Q Price P Total Revenue TR Total Cost TC Total Profit 0 $110 $50 1 $100 $110 2 $90 $150 3 $80 $170 4 $70 $180 5 $60 $210 6 $50 $250 7 $40 $310
The next series of questions uses the following table. The table contains 5 columns: Quantity Q, Price P, Total Revenue TR, Total Cost TC, and Total Profit. You are given the numbers for the 1st, 2nd, and 4th columns and must find the numbers for the 3rd column (Total Revenue) and the 5th column (Total Profit). I suggest completely filling out the table on a piece of paper. First, calculate total revenue at a quantity of 2.
| Quantity Q | Price P | Total Revenue TR | Total Cost TC | Total Profit |
| 0 | $110 | $50 | ||
| 1 | $100 | $110 | ||
| 2 | $90 | $150 | ||
| 3 | $80 | $170 | ||
| 4 | $70 | $180 | ||
| 5 | $60 | $210 | ||
| 6 | $50 | $250 | ||
| 7 | $40 | $310 |
Calculate total revenue at a quantity of 6.
Using the previous table, calculate total profit at a quantity of 1.
Calculate total profit at a quantity of 5.
Using the previous table, what is the highest profit possible? Note that this question and the next few questions depend on your ability to accurately find the highest profit possible. So, be very careful with this.
Using the previous table, what is the profit maximizing level of output?
Using the previous table, what is the profit maximizing price?
Using the previous table, calculate
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