75% 4. Rasiah's Garden of fruit is a firm selling fruits in a perfectly competitive market Total fixed cost is RMS0, and the wage for labour is RMS per worker. The estimated output produced and cost are as follows: Labour Output (Kg of fruits) usage 10 12 20 30 17 24 40 33 50 44 60 57 70 a. Calculate the total variable cost, average total cost, average variable cost, marginal cost, total revenue and marginal revenue. b. If Rasiah's garden of Fruits sells a kilo of fruit for RM3.50, how many Kg of fruit (output) should the firm sell in order to maximise profits, and how much profits would the firm make?

75% 4. Rasiah's Garden of fruit is a firm selling fruits in a perfectly competitive market Total fixed cost is RMS0, and the wage for labour is RMS per worker. The estimated output produced and cost are as follows: Labour Output (Kg of fruits) usage 10 12 20 30 17 24 40 33 50 44 60 57 70 a. Calculate the total variable cost, average total cost, average variable cost, marginal cost, total revenue and marginal revenue. b. If Rasiah's garden of Fruits sells a kilo of fruit for RM3.50, how many Kg of fruit (output) should the firm sell in order to maximise profits, and how much profits would the firm make?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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