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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does profit maximisation mean?
💡 Hint: Think about what profit means for a firm.
Question 2
Easy
Define total revenue.
💡 Hint: Consider how it relates to price and quantity sold.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What must happen for a firm to maximise profit?
- MR = MC
- MR > MC
- MC > MR
💡 Hint: Consider what happens at the point of profit maximisation.
Question 2
True or False: The total revenue curve is upward sloping for a firm in perfect competition.
- True
- False
💡 Hint: Think about how total revenue is calculated.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A firm has a constant market price of Rs 50. If the firm's average variable cost at a production level of 30 units is Rs 45, what is the profit or loss incurred? Additionally, what should the firm do in the short run?
💡 Hint: Calculate TR and compare it with TVC.
Question 2
Draw a graph for a firm where total costs are higher than total revenue at an output of 20 units. What does the firm need to do?
💡 Hint: Identify the profit area in relation to total revenue and total cost.
Challenge and get performance evaluation