(a) Complete the table. (b) Identify the equilibrium output and price. (c) How much profits does the firm earn at equilibrium output? (d) Is the firm operating in a perfect or imperfect market and is the? firm earning supernormal profit, subnormal profit or normal profit
(a) Complete the table. (b) Identify the equilibrium output and price. (c) How much profits does the firm earn at equilibrium output? (d) Is the firm operating in a perfect or imperfect market and is the? firm earning supernormal profit, subnormal profit or normal profit
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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100%
(a) Complete the table.
(b) Identify the equilibrium output and
(c) How much profits does the firm earn at equilibrium output?
(d) Is the firm operating in a perfect or imperfect market and is the? firm earning supernormal profit, subnormal profit or normal profit

Transcribed Image Text:The revenues and costs of a firm are as below :
Total
Total
Marginal
Revenue
Marginal
Cost
Price
Qty
Revenue
Cost
(RM)
(RM)
(RM)
1
5
2
6
8
3
12
4
6.
17
5
23
6
30
7
6.
38
8.
6.
47
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