1.Ali's Pizza Kitchen is a price taker. It has the following hourly costs:

Output

Total cost

Total revenue

0

10

1

21

2

30

3

41

4

54

5

69

Assuming a pizza is sold at RM14.

i.Determine the total revenue as shown in the third column.(2 marks)

ii.What is Ali's profit maximizing output per hour?(2 marks)

iii.How much profit does Ali make? (2 marks)

iv.What is Ali's shut down price?(1 mark)

v.What range of prices will cause other firms with costs identical to Ali's to enter the industry?

(1 mark)