Question

answer the following question based on the table below.
a) complete the table below
b)determine the price and output at equilibrium for this imperfectly competitive firm.is this a short-run or long run equilibrium?why?
c)calculate the ATC and AVC for this firm.At equilibrium does this firm earn a profit,loss or break-even? if profit or loss what are the unit and total profits or losses?


Q TC (RM) MC (RM) P (RM) MR AR TR Total profit
0 10 10
1 6 9
2 4 8
3 5 7
4 7 6
5 10 5
6 14 4
7 19 3
8 25 2
9 32 1

Answer 1

a)

b) Equilibrium output and price at the next level:

Price = 9, Q = 5.

c)