Using marginal cost and marginal revenue approach, find out the level of output at which producer will be in equilibrium. Give reasons for your answer. | ||||||
Output (Units) | 1 | 2 | 3 | 4 | 5 | 6 |
Average Revenue (Rs.) | 20 | 20 | 20 | 20 | 20 | 20 |
Total Cost (Rs.) | 22 | 42 | 60 | 76 | 96 | 120 |
Answer:
Output AC MC MC AR 1 12 12 12 12 2 11 12 10 12 3 10 12 8 12 4 10 12 10 12 5 10.4 12 10.4 12 6 11 12 16.4 12
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