Calculate Price, Average Revenue, Marginal revenue. Explain the conditions under which these values remain the same? Calculate Profit, Marginal cost and change in Profit. What output quantity of milk maximizes profit for Farm Fresh Diary? iii. Graph MC and MR curves of Farm fresh Diary. What are the rules of Profit Maximization suggested by this graph?
Calculate Price, Average Revenue, Marginal revenue. Explain the conditions under which these values remain the same? Calculate Profit, Marginal cost and change in Profit. What output quantity of milk maximizes profit for Farm Fresh Diary? iii. Graph MC and MR curves of Farm fresh Diary. What are the rules of Profit Maximization suggested by this graph?
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section: Chapter Questions
Problem 20AA
Related questions
Question
Output Quantity (Milk in Liters) |
Total Revenue ( in Rupees) |
Total cost ( in Rupees) |
0 |
0 |
30 |
1 |
80 |
50 |
2 |
160 |
80 |
3 |
240 |
120 |
4 |
320 |
170 |
5 |
400 |
230 |
6 |
480 |
300 |
7 |
560 |
380 |
8 |
640 |
470 |
- Calculate Price, Average Revenue, Marginal revenue. Explain the conditions under which these values remain the same?
- Calculate Profit, Marginal cost and change in Profit. What output quantity of milk maximizes profit for Farm Fresh Diary?
iii. Graph MC and MR
- Suppose a tax of Rs.20 is imposed and government fixes price of milk at Rs.80 a liter. Then what should be strategy of Farm Fresh Diary?
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