Question No 02. Suppose Malik is one of the many sellers of the milk in Karachi who owns his business with the title Malik Milk Firm. The customers of milk have perfect knowledge about the milk and are indifferent between the milk sold by Malik, Shabbir and other producers. If following is the total cost of producing milk. Answer the given questions. Total output Total Cost 20 1 30 2 42 3 55 4 69 5 84 100 7 117 i) How much milk will Malik as an individual firm would supply in the market at the price of Rs. 14 per liter? ii) How will the supply of milk be effected if the price rises to Rs. 16 per liter?

Question No 02. Suppose Malik is one of the many sellers of the milk in Karachi who owns his business with the title Malik Milk Firm. The customers of milk have perfect knowledge about the milk and are indifferent between the milk sold by Malik, Shabbir and other producers. If following is the total cost of producing milk. Answer the given questions. Total output Total Cost 20 1 30 2 42 3 55 4 69 5 84 100 7 117 i) How much milk will Malik as an individual firm would supply in the market at the price of Rs. 14 per liter? ii) How will the supply of milk be effected if the price rises to Rs. 16 per liter?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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