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