On the basis of the data given below, determine the level of output at – InterviewSolution

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On the basis of the data given below, determine the level of output at which the producer will be in equilibrium. Use the marginal cost-marginal revenue approach.Output (Units)1234567Average Revenue (₹)7777777Total Cost (₹)8152228334048

Answer»

Required solution is:

Output (Q) (in units)	AR (₹)	TC (₹)	MC (₹) MC_n = TC_n \(^-TC_{n-1}\)	MR (₹) MR_n = TR_n \(^-TR_{n-1}\)
1	7	8	8	7
2	7	15	7	7
3	7	22	7	7
4	7	28	6	7
5	7	33	5	7
6	7	40	7	7
7	7	48	8	7

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