Answer to Question #8860 in Microeconomics for Shaminee

Question #8860
4) A competitive firm is maximizing profits by producing 250 units of output at the current market price of RM1000 per unit. The firm has average fixed cost (AFC) of RM300 and total costs of RM300,000 at this output level.
(a) Draw a diagram showing all the relevant cost and demand curves. That is, include the MR, MC, AVC, and ATC curves.
[6 marks]
(b) Calculate TFC, TVC, ATC, AVC, MC, TR, and MR.
[6 marks]
(c) Calculate and indicate the area of profit on your diagram.
[2 marks]
1
Expert's answer
2012-05-08T08:11:05-0400
The answer to the question is available in the PDF file https://www.assignmentexpert.com/https://www.assignmentexpert.com/homework-answers/economics-answer-8860.pdf

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS