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Problems:You are given the following data about two firms:
FIRM A
Quantity
0
1
2
3
4
5
6
Total revenue ($)
10
20
30
40
50
60
Average revenue ($)
Marginal revenue ($)
Total cost ($)
42
76
100
140
Marginal cost ($)
12
8
16
24
Average cost ($)
∞
25
19
23.3333333
FIRM B
134
154
177
216
266
366
77
59
54
53.2
61
34
23
39
Price ($)
130
120
110
90
80
70
240
330
400
450
480
(a) Complete the two tables above.
(b) Are these firms operating in the short or the long run? (1 mark) Firm A: short run / long run
Firm B: short run / long run
(c) Are these firms operating under perfect or imperfect competition? Firm A:perfect / imperfect
Firm B:perfect / imperfect
(d) What level of output will these firms produce in the short run?
Firm A:
Firm B:
(e) How would you describe their profit positions?
Additional Information:
The problem related to economics and it is discusses about two firms A and B which are operating in the same market and are rivals. Their costs and revenues are given. The level of output and profit margin has been determined.
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