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Consider the total cost and total revenue of Farm Fresh Diary Output Quantity (Milk in Liters) Total Revenue ( in Rupees) Total cost ( in
Consider the total cost and total revenue of Farm Fresh Diary Output Quantity (Milk in Liters) Total Revenue ( in Rupees) Total cost ( in Rupees) 0 0 30 1 60 50 2 120 80 3 180 120 4 240 170 5 300 230 6 360 300 7 420 380 8 480 470 i. Calculate Price, Average Revenue, Marginal revenue. Why are all the values same? ii. Calculate Profit, Marginal cost and change in Profit. What output quantity of milk maximizes profit for Farm Fresh Diary? iii. Graph MC and MR curves of Farm fresh Diary. What are the rules of Profit Maximization suggested by this graph
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