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Question 3 1 pts What is the result from (Cl-, 2i2) ? Previous Next No new data to save

Economics

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Question 3 1 pts What is the result from (Cl-, 2i2) ? Previous Next No new data to save. Last checked at 16:42 Submit Quiz

1. The following table shows the total revenue and total cost schedule for Alan's firm. Suppose his firm is operating in a perfectly competitive market. He sells his products for RM10 each. a) Complete the following table. [6 marks) Total Quantity (units) Total Revenue (RM) Average Revenue (RM) Marginal Revenue (RM) Cost Marginal Cost (RM) Average Cost (RM) Profit (RM) 0 1 2 3 (RM) 12 22 28 30 31 35 45 59 80 4 5 6 7 8 b) profit maximizing output is the price is [4 marks) c) At the profit maximizing output, calculate the profit / loss to the firm. (4 marks) 2. Answer the questions based on the table below: Quantity (unit) Total Revenue Average Revenue (RM) Marginal Revenue Total Cost (RM) Marginal Cost 1 2 3 4 5 6 30 60 90 120 150 180 55 85 100 120 145 180 [6 marks) a) b) Complete the table above. The firm is operating in a market. [1 mark] [3 marks) c) Calculate the profit or loss at the equilibrium output.