Sub : Microeconomics Question Answer the all guestions in microsoft word Assume price (P) = RM15, quantity = 15 units, average variable cost (AVC) =
Sub : Microeconomics Question Answer the all guestions in microsoft word Assume price (P) = RM15, quantity = 15 units, average variable cost (AVC) = RM8 and average cost (AC) = RM20. This firm operates in monopolistic competitive market. a) What is the formula for profit? (1 Marks) b) Calculate total cost (TC). (2) c) Calculate total revenue (TR). (2) d) Calculate the economic profit of the firm. (2) e) Draw and shade the area that represents the economic profit of the firm. (3) Total marks : 10
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
