(a) The table below shows the revenue and costs of a firm. Quantity Price (RM) Total Revenue (RM) Marginal Revenue Total Cost (RM) Marginal Cost 100 250 5 000 200 230 20 000 300 210 37 000 400 180 57 000 500 160 79 000 600 140 104 000 i. Complete the table. ii. Determine the profit maximizing price and output for the firm. Calculate profits at equilibrium output.

(a) The table below shows the revenue and costs of a firm. Quantity Price (RM) Total Revenue (RM) Marginal Revenue Total Cost (RM) Marginal Cost 100 250 5 000 200 230 20 000 300 210 37 000 400 180 57 000 500 160 79 000 600 140 104 000 i. Complete the table. ii. Determine the profit maximizing price and output for the firm. Calculate profits at equilibrium output.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Monopoly

Section: Chapter Questions

Problem 1PA

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