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The following figure shows demand, marginal revenue, and short-run costs for a price-setting firm. To maximize profit the firm should produce an...

The following figure shows demand, marginal revenue, and short-run costs for a price-setting firm.
a. To maximize profit the firm should produce an output of ________ and set a price of $_______.
b. At this level of output total revenue is $________, total cost is $________, and the firm earns a profit of $________.

The following figure shows demand, marginal revenue, and short-run costs
for a price-setting firm.
a. To maximize profit the firm should produce an output of ________ and
set a price of $_______.
b. At this level of output total revenue is $________, total cost is
$________, and the firm earns a profit of $________.

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