a. Complete the above table. b. Graph TFC curve, TVC curve and TC curve on the same graph. c. Suppose market price is Rs.22. i. How much will the firm produce in the short run? ii. ii. How much are total profits? iii. Graph TC curve and TR curve on the same graph. iv. Sketch the MC, MR and ATC curve in the same graph.
a. Complete the above table. b. Graph TFC curve, TVC curve and TC curve on the same graph. c. Suppose market price is Rs.22. i. How much will the firm produce in the short run? ii. ii. How much are total profits? iii. Graph TC curve and TR curve on the same graph. iv. Sketch the MC, MR and ATC curve in the same graph.
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 4.7P
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