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Consider a perfectly competitive market having following Revenue and cost function: Price (P) = 50Q -18 + 25/Q Total Cost (TC) = 8Q + 16
Calculate these questions with above mentioned data:-
(i) Calculate Equilibrium Quantity (Qe) of the firm
(ii) Calculate Total Revenue (TR)
(iii) Calculate Equilibrium price (Pe)
(iv) Calculate Total Cost (TC)
(v) Calculate Profit (π) and Interpret your result
(vi) calculate Marginal Revenue (MR)
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