Price $ per month mandu ATC MC 1 2 3 4 5 6 7 8 9...

Question

Question

Answer 1

Answer #1

Profit maximising price and output can be determined at a point where MR = MC. Hence, price = 50 and output= 4

Profit = Revenue- cost

Revenue= price * quantity

= 50*4

= 200

Cost = average total cost* quantity

= 40*4

= 160

Profit = 200-160

= 40

Hence, profit = 40,000 tonnes

Answer 2

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