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MUF0061 Economics Unit 1 - Semester 2, 2025 Quick Calculations - How can a firm maximise profit? (5 -10 minutes)

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Assume the price of a product is $20, and the table below shows total costs for various levels of output. [table] Quantity | 0 | 1 | 2 | 3 | 4 | 5 | 6 Total Costs | $15 | $20 | $22 | $28 | $37 | $58 | $105 [/table] What is the profit when output is 5? (Do not use the dollar sign in your answer)

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Consider how profit is defined: it is the difference between total revenue and total cost for a given level of output. Firs......Login to view full explanation

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Assume the price of a product is $20, and the table below shows total costs for various levels of output. [table] Quantity | 0 | 1 | 2 | 3 | 4 | 5 | 6 Total Costs | $15 | $20 | $22 | $28 | $37 | $58 | $105 [/table] What is the profit when output is 6? (Do not use the dollar sign in your answer)

Assume the price of a product is $20, and the table below shows total costs for various levels of output. [table] Quantity | 0 | 1 | 2 | 3 | 4 | 5 | 6 Total Costs | $15 | $20 | $22 | $28 | $37 | $58 | $105 [/table] What is the profit when output is 4? (Do not use the dollar sign in your answer)

Assume the price of a product is $20, and the table below shows total costs for various levels of output. [table] Quantity | 0 | 1 | 2 | 3 | 4 | 5 | 6 Total Costs | $15 | $20 | $22 | $28 | $37 | $58 | $105 [/table] What is the profit when output is 3? (Do not use the dollar sign in your answer)

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