The marketing division of a firm has measured demand for its product and reports that it is 2Q = 24 ? P, where Q is units and P is price per unit in dollars. The cost is given in the table below. Complete the table and determine the profit-maximizing level of output for this firm.
OutputTotal CostPriceRevenueProfit010__________ _____ 118__________ _____ 220 __________ _____ 322__________ _____ 425__________ _____ 529__________ _____ 634__________ _____ 740__________ _____ 848__________ _____
What will be an ideal response?
| Output | Total Cost | Price | Revenue | Profit |
| 0 | 10 | 24 | 0 | -10 |
| 1 | 18 | 22 | 22 | 4 |
| 2 | 20 | 20 | 40 | 20 |
| 3 | 22 | 18 | 54 | 32 |
| 4 | 25 | 16 | 64 | 30 |
| 5 | 29 | 14 | 70 | 41 |
| 6 | 34 | 12 | 72 | 38 |
| 7 | 40 | 10 | 70 | 30 |
| 8 | 48 | 8 | 64 | 16 |
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