Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answer the questions based on the table below
- Complete the table below.
- In which market does this firm operate? Explain your reasons.
- Determine the equilibrium output. Calculate whether the firm will it be earning a profit or suffering a loss at equilibrium.
| Quantity(unit) | Total Revenue($) | Average Revenue($) | MarginalRevenue($) | TotalCost($) | MarginalCost($) |
| 1 | 10 | 5 | |||
| 2 | 18 | 11 | |||
| 3 | 24 | 16 | |||
| 4 | 28 | 20 | |||
| 5 | 30 | 23 | |||
| 6 | 30 | 25 |
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