Question
A perfectly competitive firm was given, P = 60 and TC =
Q2 + 8Q + 10. Now price decreases to 54, what is the change in profit?Solution
MC = 2Q + 8 For perfect competition, P = MC So, 2Q + 8 = 60 Q = 52/2 = 26 Profit = (60*26) – (262 + 8*26 + 10) = 1560 – (676 + 208 + 10) = 666 Now, P decreases to 54; So, 2Q + 8 = 54 Q = 23 Profit = (54*23) – (232 + 8*23 + 10) = 1242 – (529 + 184 + 10) = 519 Change in profit = 519 – 666 = -147 Decreases by 147
Which of the following is NOT a principle of organic farming as per IFOAM?
Which WTO agreement addresses the protection of human, animal, and plant health?
Which Indian organization helps exporters meet international food trade requirements and offers infrastructure support?
What is the key environmental benefit of organic farming?
A system in which forest trees are grown along with agricultural crops and grasses on the same land at the same time is known as ____
What is the full form of SPS in WTO agreements related to agri trade?
Which of the following is a dicotyledonous weed?
What is the main economic advantage of organic farming for smallholders?
Which Ministry governs the functioning of APEDA?
What does the conversion period in organic farming refer to?
