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Maximizing Profitsfixed costs = $50output! total cost! ! marginal cost! total revenue! marginal revenue!!1! ! $60! ! ! $10! ! ! $40! ! ! ?! ! !2! ! ?! ! ! 20! ! ! ?! ! ! 25! ! !3! ! ?! ! ! 30! ! ! 105! ! ! ?! !4! ! ?! ! ! 70! ! ! 130! ! ! ?!(1)At what level of output should the firm produce if it wants to maximize profit (the differencebetween revenues and costs)? Explain.!(2) How much money is the firm making at this level of output?(3) If fixed costs rise to $60, how does its decision change?!
Output1234 Total Cost Marginal CostFixed Cost Variable Cost RevenueTotalMarginal Revenue601050104080205030651103050601051807050130130 1 The firm should produce only 1…
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