Now use the following schedule to determine your Total Cost, Marginal Cost, Marginal
Revenue, Total Revenue, and Profit. Fill in the values under Total Cost and Marginal Cost.
Assume you sell your running shoes for $50 dollars per pair. Now fill in
the values for
each
quantity of Total Product in the columns Marginal Revenue,
Total Revenue, and Profit. At
what point did your profits increase? Did your profits decrease at some point?
If so, why?
Marginal
Revenue
Total
Fixed
Variable
Total
Marginal
Prodisct
Cost
Cost
Cost
Cost
0
$200
$0
200
0
50
50
200
600
800
12
50
150
200
1,000
50
300
200
3,300
50
450
200
4,500
50
600
200
6,750
750
200
9,550
00
fixed +
Variable
COST
change in
1O5¬
OF
product
x
change in
product
marginal
revenue
Profit
-200
totalre
total
COST