Question: Section B - Short answer questions Q1 Price (RM) 15 10 5 0 Price and cost (RM) 100 80 60 50 40 50 20

Section B - Short answer questions Q1 Price (RM) 15 10 5 0 Price and cost (RM) 100 80 60 50 40 50 20 MR (a) Find the profit maximizing price and output. (b) Calculate the profit/ loss at the equilibrium quantity. Name the type of the profit. (c) List down two characteristics of the firm. 0 Q2 The following graph shows the demand and cost curves of Karen's restaurant, operating in a monopolistically competitive market. 80 MC MR ATC D = AR MC Quantity ATC DD 10 Quantity of meals (a) What market structure is this firm operating in? Justify. (b) What are the equilibrium output and price? (c) Calculate the profits or loss at the equilibrium output. (d) State TWO(2) characteristic of this market. I

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