3.Based on the diagram, answer the following questions.Revenue/costMCAVCAC26AR = MR232020Output(1)Total revenue (TR)(i)Total cost (TC)(ii)Profit(iv) Type of profit is earned by this firm? Justify your answer.

Total cost is the total amount incurred by a firm on the factors of production. Total revenue is the…

Answered: (1) Total revenue (TR) (i) Total cost…

Business

Economics

(1) Total revenue (TR) (i) Total cost (TC) (ii) Profit (iv) Type of profit is earned by this firm? Justify your answer.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 1QR

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do fast i will 5 upvotes.