SELECT * FROM question_mgmt as q WHERE id=5565 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 cost schedule of a competitive firm. It is given that the price of the good is Rs 10. Calculate the profit at each output level. Find the profit maximising level of output.

Output TC (Rs.)
0
1
2
3
4
5
6
7
8
9
10		 5
15
22
27
31
38
49
63
81
101
123

Answer:

Quantity
Sold		 Price TC TR = P x Q Profit = TR - TC
0 10 5 10x0=10 0 - 5 = -5
1 10 15 10x1=10 10 - 15 = -5
2 10 22 10x2=20 20 - 22 = -2
3 10 27 10x3=30 30 - 27 = 3
4 10 31 10x4=40 40 - 31 = 9
5 10 38 10x5=50 50 - 38 = 12
6 10 49 10x6=60 60 - 49 = 11
7 10 63 10x7=70 70 - 63 = 7
8 10 81 10x8=80 80 - 81 = -1
9 10 101 10x9=90 90 - 101 = -11
10 10 123 10x10=100 100 - 123 = -23

Profit maximising output is where the difference between TR and TC is the maximum. This exists at 5 units of output, where firm is earning profit of Rs 12.


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