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What is the formula for profit

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Assume price (P) = RM15, quantity = 15 units, average variable cost (AVC) = RM8 and average cost (AC) = RM20. This firm operates in monoplistic market.

a) What is the formula for profit?

b) Calculate total cost (TC).

a) Calculate total revenue (TR).

b) Calculate economic profit of the firm. 

c) Draw and shade the area that represents the economic profit of the firm.

Reference no: EM132500250

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