Note: The marginal product of labor is the increase in output added by the last unit of labor. Assignment
Note: Price=$24 = MR TR = MR X Units of Output Profit = TR - TC

Fill in the missing total revenue and profit amounts in the production cost schedule below.
Fixed Variable Total Marginal Marginal Tot1) Fill in the missing costs of the production cost schedule attached below.
Fixed Variable Total Marginal
Output Cost Cost Cost Cost AFC AVC ATC

0 $36 0 $36 $0
1 $36 8 44 8
2 $36 12 48
3 $36 15 51
4 $36 20 56
5 $36 27 63
6 $36 36 72

2) Calculate the MR (Marginal Revenue), The TR (Total Revenue), and the Profit from the production cost table below. You will have to complee the Total Cost and the Marginal Cost before calculating Marginal Revenue, Total Revenue, and Profits.
al Profit
Output Cost Cost Cost Cost Revenue Revenue
0 $36 0 $36 $0 $24
1 $36 8 44 8 24
2 $36 12 48
3 $36 15 51
4 $36 20 56
5 $36 27 63
6 $36 36 72

a) What is the profit-maximizing quantity?
b) What is the total revenue at that quantity?
c) What is the profit?
d) Why is the marginal revenue always $24?