1.4) Suppose market price is RM60. How much will the firm produce in the short run? How much are total profits? Question 1A firm's costs are given in the following table.TCRM507080TFC505050TVCAVCATCMC12203020901101405050504060901513.331570403027.5201010203045182817522028020.8324.2928.7529.1731.4335635505050125170230745603604505031040034.44404045809010501.1) Complete the table. (4M)1.2) Draw a graph for each AVC, ATC and MC on one graph. (2M)1.3) Suppose market price is RM20. How much will the firm produce in the short run? Howmuch are total profits? (2M)1.4) Suppose market price is RM60. How much will the firm produce in the short run? Howmuch are total profits? (2M)到

Profit maximizing output is where marginal revenue is equal to marginal cost. Profit = Total revenue…

Answered: 1.4) Suppose market price is RM60. How…

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1.4) Suppose market price is RM60. How much will the firm produce in the short run? How much are total profits?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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