Question 1 Report
The cost and output schedule of a firm is shown in the table below.
| Output (kg) | 0 | 15 | 35 | 60 | 85 |
| Variable cost ($) | 0 | 30 | 55 | 75 | 90 |
| Total cost ($) | 15 | 45 | 70 | 90 | 105 |
| Total revenue ($) | 0 | 30 | 70 | 120 | 170 |
(a) Using the data in the table, at each level of output, calculate the firm's
(i) marginal revenue
(ii) marginal cost.
(b) At what output level did the firm:
(i) break even
(ii) make the highest profit
(iii) attain equilibrium
(c) Identify the market structure in which the firm operates