The table below relates to the cost schedule of a firm. Use the information provided to answer the questions that follow:
| Output |
TFC ($) |
MC ($) |
0 |
20 |
- |
1 |
“ |
10 |
2 |
“ |
20 |
3 |
“ |
30 |
4 |
“ |
40 |
(a) Calculate the total variable cost (TVC) and the total cost (TC) values for all the levels of output.
(b) Determine the total revenue (TR) for all the levels of output if
the unit price of the product is $30.
(c) At what output will the firm maximize profit?
(d) (i) Identify the market structure in which the firm is operating.
(ii) Explain your answer in (d) (i).