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Question -

The following table shows the total revenue and total cost schedules of a competitive firm. Calculate the profit at each output level. Determine also the market price of the goods. 



Answer -


Quantity Sold (Units)

0

1

2

3

4

5

6

7

TR (Rs)

0

5

10

15

20

25

30

35

TC (Rs)

5

7

10

12

15

23

33

40

Profit (Rs)

-

-

-

-

-

-

-

-

Market price (AR) = TR/Quantity sold = Rs. 5. (TR = Total Revenue; TC = Total Cost)

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