Complete the table and use the information to determine profit maximization or loss minimization.
1. Complete the table
|
Q
|
P
|
TR
|
MR
|
TFC
|
TVC
|
TC
|
MC
|
|
0
|
120
|
0
|
-
|
20
|
0
|
20
|
-
|
|
1
|
110
|
110
|
110
|
20
|
50
|
70
|
50
|
|
2
|
100
|
200
|
90
|
20
|
85
|
105
|
35
|
|
3
|
90
|
270
|
70
|
20
|
125
|
145
|
40
|
|
4
|
80
|
320
|
50
|
20
|
170
|
190
|
45
|
|
5
|
75
|
375
|
55
|
20
|
225
|
245
|
55
|
|
6
|
70
|
420
|
45
|
20
|
295
|
315
|
70
|
|
7
|
50
|
350
|
-70
|
20
|
385
|
405
|
90
|
2. Profit maximization or loss minimization is at _____ units because ____________________________.
3. There is a profit/loss of ___________.