Question 1

The table below shows the cost and revenue information of a firm.

Output (units)	Price (RM)	Total Cost (RM)	Total revenue (RM)	Marginal Cost (RM)	Marginal Revenue (RM)
0	14	10
1	14	14
2	14	22
3	14	34
4	14	48
5	14	64
6	14	82

(a) Complete the table above. [9 marks]

(b) Determine the price and output at equilibrium. [6 marks]

(c) Calculate the profit or loss at equilibrium. [4 marks]

(d) Is this firm in the short-run or long-run? Explain your answer. [5 marks]

(e) To what type of market structure does this firm belong? Why do you say so? [6 marks]