Note AcademyNote Academy
Start

Economics (AS & A Level) · Oct / Nov 2024 · Paper 33 · Question 4

9708Types of cost, revenue and profit, short-run and long-run production

The table shows a firm's revenue and costs at different levels of output. | output | marginal revenue | average revenue | marginal cost | average total cost | |---|---|---|---|---| | 1 | 125 | 125 | 90 | 140 | | 2 | 85 | 105 | 40 | 90 | | 3 | 45 | 85 | 45 | 75 | | 4 | 25 | 70 | 95 | 80 | | 5 | 20 | 60 | 130 | 90 | What is the firm's total supernormal profit at the profit-maximising level of output?

  1. A–15
  2. B10
  3. C30
  4. D120

As printed in the paper

Show the answer

Correct answer: C. 30

Sit this whole paper →More on Types of cost, revenue and profit, short-run and long-run production

Make a free account to save your answers and see your weak topics and ask the AI why a wrong answer is wrong.