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Question
Match the following situations with their conditions.
Match the following situations with their conditions.
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Solution
(i) For profitability, TR > TC.
(ii) For losses, TR < TC or P < ATC.
(ii) Break-even point is the point where TR = TC.
(iv) For profit maximisation, the optimum, TR - TC is maximum and MR = MC.
(ii) For losses, TR < TC or P < ATC.
(ii) Break-even point is the point where TR = TC.
(iv) For profit maximisation, the optimum, TR - TC is maximum and MR = MC.
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