SELECT * FROM question_mgmt as q WHERE id=5564 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=611 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED)

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 good.

Quantity Sold TR (Rs.) TC (Rs.) Profit
0
1
2
3
4
5
6
7		 0
5
10
15
20
25
30
35		 5
7
10
12
15
23
33
40		  

Answer:

Quantity Sold TR TC Profit AR = 
0 0 5 0 - 5 = -5 -
1 5 7 5 - 7 = -2  
2 10 10 10 - 10 = 0  
3 15 12 15 - 12 = 3  
4 20 15 20 - 15 = 5  
5 25 23 25 - 23 = 2  
6 30 33 30 - 33 = 2 = 5
7 35 40 35 - 40 = 5 = 5


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