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The following table shows the total rev...

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.

Text Solution

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Profit : `-5,-2,0,3,5,2,-3,-5`
Profit = TR - TC , Market price (AR)`=(TR)/("Qty")=(5)/(1)=(10)/(2)=Rs. 5.`
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