Consider the total cost and total revenue of Farm Fresh Diary Consider the total cost and total revenue of Farm Fresh Diary Output Quantity(Milk in Liters) Total Revenue( in Rupees)Total cost( in Rupees)003018050216080324012043201705400230648030075603808640470 1. Calculate Price, Average Revenue, Marginal revenue. Explain the conditions under which these values remain the same?2.Suppose a tax of Rs.20 is imposed and government fixes price of milk at Rs.80 a liter. Then what should be strategy of Farm Fresh Diary?

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Answered: Output Quantity (Milk in Liters)…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter23: Profit Maximization

Section: Chapter Questions

Problem 11E

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Consider the total cost and total revenue of Farm Fresh Diary

*Output Quantity* *(Milk in Liters)*	*Total Revenue* *( in Rupees)*	*Total cost* *( in Rupees)*
0	0	30
1	80	50
2	*160*	80
3	*240*	*120*
4	*320*	*170*
5	*400*	*230*
6	*480*	*300*
7	*560*	*380*
8	*640*	*470*

1. Calculate Price, Average Revenue, Marginal revenue. Explain the conditions under which these values remain the same?

2.Suppose a tax of Rs.20 is imposed and government fixes price of milk at Rs.80 a liter. Then what should be strategy of Farm Fresh Diary?

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