Calculate the firms total profit

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Reference no: EM131805749

How would You calculate c & d on this problem

Output	Price	Total Revenue	Marginal Revenue	Total Cost	ATC	MC
1	25			40
2	24			55
3	23			65
4	22			73
5	21			83
6	20			98
7	19			126

(a) Fill in table.

(b) Using your own piece of graph paper, draw a graph of the firm's demand, marginal revenue, marginal cost, and average total cost curves.

(d) lf the firm operates at optimum efficiency, how much will its output be?

(e) If the firm were a perfect competitor, how much will its price be in the long run?

Reference no: EM131805749

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