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Table 2 below indicate total production and cost (RM) for a firm

Economics

Table 2 below indicate total production and cost (RM) for a firm. Answer the following questions based on the table below (5) (6) (2) Total Total Product (0) Variable cost 0 (3) Total cost AFC AVC ATC ?? 40 0 55 2 4 5 75 90 110 135 170 220 290 0 40.00 20.00 1333 10.00 8.00 6.67 5.71 5.00 0 55 00 37.50 30.00 27.50 27.00 28.33 31.43 38.25 0 9500 57.50 43.33 37.50 35.00 35.00 3714 41.25 7 A. Calculate Total Cost (TC) and Marginal Cost (MC) for each level of output 8 Marks Determine the profit maximising output for this firm using marginal approach it the price is RM50 2. Marks) C Compute tota profit or last of this format profit maximizing output (2 Marks) Determine whether this firm will grouce in short run if the prios falls to RM20 2 Narks) E. Based on the information given above seermine the type market structure of this firm 11 Mark

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