P (RM) MC AC AVC 30 P=AR = MR = DD curve 25 15 5 ?Q (Unit) 0 50 75 90 Where MC = Marginal cost; AC =
P (RM) MC AC AVC 30 P=AR = MR = DD curve 25 15 5 →Q (Unit) 0 50 75 90 Where MC = Marginal cost; AC = Average Cost; AVC = Average Variable Cost; AR= Average Revenue; MR= Marginal Revenue and P = Price. Based on the figure above answer the following questions: (a) (2 marks) What type of market structure is the firm operating in? Why? Determine the profit maximizing price and quantity. (b) (4 marks) (C) Calculate the total profit or loss of the firm. (6 marks) (d) Identify the type of profit earned by this firm. Explain. (4 marks) (e) List and explain any TWO (2) characteristics of the firm. (4 marks) ? Apr 08 2022 02:07 PM
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