The following table gives you certain information about a firm.OutputP

1.	The following table gives you certain information about a firm.OutputPriceTotal revenueMarginal Cost1812216932484329540101. Find the price at which output is sold and identify the form market,2. Is this firm a price-taker or price maker? Give reasons. 3. Find the firm’s equilibrium level of output in terms of MC &MR. Give reasons. 4. Also nd profit of the firm at this level of output.
Answer» 1. Price = 8 2. Price-taker, a firm has no influence on price determination under perfect competition. 3. Equilibrium quantity is 3. At this level of output MC=MR. 4. Firm is at no profit-no loss condition, i. e., he is at break even point.

The following table gives you certain information about a firm.OutputPriceTotal revenueMarginal Cost1812216932484329540101. Find the price at which output is sold and identify the form market,2. Is this firm a price-taker or price maker? Give reasons. 3. Find the firm’s equilibrium level of output in terms of MC &MR. Give reasons. 4. Also nd profit of the firm at this level of output.

Answer»

1. Price = 8

2. Price-taker, a firm has no influence on price determination under perfect competition.

3. Equilibrium quantity is 3. At this level of output MC=MR.

4. Firm is at no profit-no loss condition, i. e., he is at break even point.