ECO Problem

ECO Problem

Question
Given the price (P) and the output (Q) data in the following table, calculate the related total revenue (TR), marginal revenue (MR), and average revenue (AR) figures. At what output is revenue maximized?
Q P TR MR AR
0 $80
1 70
2 60
3 50
4 40
5 30
6 20
7 10
8 0

Given the above information, graph the total revenue curve. When the price is $60 will you increase revenue by raising or lowering your price? Why might you not want to take this action even though revenue will increase (think profit maximization)?