25 Microeconomics (BAFB1023) May 2022 Final Examination 104 1.50 Figure 1 Answer all the questions below based on the gr
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- 25 Microeconomics Bafb1023 May 2022 Final Examination 104 1 50 Figure 1 Answer All The Questions Below Based On The Gr 1 (180.9 KiB) Viewed 10 times
25 Microeconomics (BAFB1023) May 2022 Final Examination 104 1.50 Figure 1 Answer all the questions below based on the graph above. a) Justify the type of market structure the firm is operating in. (1 Mark) b) Determine the profit-maximizing price and output for this firm? (2 Marks) c) Calculate the amount of profit or loss at the equilibrium point and state the type of profit. (3 Marks) d) Determine the value of average variable cost at profit-maximizing level of output? (2 Marks) e) Should this firm continue its business? why? f) Discuss characteristics of market structure based on Figure 1. CONFIDENTIAL (2 Marks) (10 Marks)