Related InterviewSolutions

• Is it enough to say that profit is maximised when MC = MR?
• At a certain level of output, the Marginal Cost of a firm is above its Marginal Revenue. Can this be its equilibrium output?
• From the following information about a producer find out the level of output at which he will be in equilibrium.Output (Units)12345Price (Per Unit In Rs.)109876Marginal Cost (In Rs.)106347
• Explain the conditions of producers equilibrium in terms of Marginal Cost and Marginal Revenue. Use a schedule.
• Explain the condition of producer's equilibrium with the help of a numerical example. Use Marginal Cost and Marginal Revenue approach.
• State two conditions of producer's equilibrium.
• Give the meaning of producer's equilibrium. A producer produces that quantity of his product at which marginal cost and marginal revenue are equal. Is he earning maximum profit? Give reasons for your answer.
• From the following data find out the level of output at which the producer is in equilibrium. Give reasons for your answer. (Use Marginal Cost and Marginal Revenue approach).Output (Units)Total Revenue (in Rs.)Total Cost (in Rs.)1234512243648601426364862
• Explain why will a producer not be in equilibrium if the conditions of equilibrium are not met.
• What is meant by Producer's Equilibrium?