Average Revenue, Marginal Revenue, Marginal Cost, and Average Cost Curves for Coffee Production

Consider a firm producing coffee whose production costs and revenues are shown in the table below

Output Total Revenue Total Cost Total Profit Marginal Cost Marginal Revenue Average Cost Average Revenue
0 0 87
1 108 195
2 192 120
3 250 130
4 286 150
5 302 178
6 286 220
7 250 276
8 192 342

a) Find the total profit, marginal cost, marginal revenue, average revenue and average cost schedule for the firm above. 5 MARKS
b) Plot the average revenue, marginal revenue, marginal cost and average cost curves for the firm above. 4 MARKS

c) What is the profit maximizing price and output for the firm? 1 MARK