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## AP®︎/College Microeconomics

### Course: AP®︎/College Microeconomics>Unit 3

Lesson 5: Profit maximization

# Profit maximization

## Problem

Blammo produces and sells greeting cards. The marginal cost of producing different quantities of greeting cards, as well as the marginal revenue earned, is given in the table below.
$Q$Marginal cost $\left(MC\right)$Marginal Revenue $\left(MR\right)$
$1000$$\mathrm{}1.00$$\mathrm{}3.00$
$2000$$\mathrm{}1.50$$\mathrm{}3.00$
$3000$$\mathrm{}2.00$$\mathrm{}3.00$
$4000$$\mathrm{}2.50$$\mathrm{}3.00$
$5000$$\mathrm{}3.00$$\mathrm{}3.00$
$6000$$\mathrm{}3.50$$\mathrm{}3.00$
$7000$$\mathrm{}4.00$$\mathrm{}3.00$
$8000$$\mathrm{}4.50$$\mathrm{}3.00$
$9000$$\mathrm{}5.00$$\mathrm{}3.00$
How many greeting cards should this firm produce to make the highest possible profit?