outputs homework problem econ help

1.  The manufacturer of a music company wants to maximize profits, and must decide what level of output (Q) to produce.  The total benefits (revenues) and total costs for various levels of output are given below in millions of dollars.  Rewrite the following table on your separate paper, and complete the table and answer the following questions.

1

2

3

4

5

6

7

Output (Q)

Total Benefits (Revenues)

Total Costs

Profits = Total Benefit – Total Costs

Marginal Benefits

Marginal Costs

Marginal Net Benefits

0

0

0

—–

—-

—-

1

100

10

2

180

40

3

220

80

4

240

140

5

210

240

  a.  What level of output maximizes net benefits?

  b.  At that level of output, what is Marginal Cost?  What is Marginal Benefit? 

  c.  What would happen if the company decided to maximizes TOTAL benefits (instead of Marginal benefits)?

 

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