Mr. X and Co. operates in a perfectly competitive market. He sells his product at Rs. 8 per unit. His fixed costs are Rs. 100. His other costs are given below. Read the following table and answer the question.

When will Mr X and Co. maximize profits?

Mr. X and Co. operates in a perfectly competitive market. He sells his product at Rs. 8 per unit. His fixed costs are Rs. 100. His other costs are given below. Read the following table and answer the question.

The average total cost of producing 6 units is:

Mr. X and Co. operates in a perfectly competitive market. He sells his product at Rs. 8 per unit. His fixed costs are Rs. 100. His other costs are given below. Read the following table and answer the question.

The average fixed cost of producing 4 units is:

Mr. X and Co. operates in a perfectly competitive market. He sells his product at Rs. 8 per unit. His fixed costs are Rs. 100. His other costs are given below. Read the following table and answer the question.

When Mr. X and Co.’s production increases from 5 to 6 units, his marginal cost becomes?

Mr. X and Co. operates in a perfectly competitive market. He sells his product at Rs. 8 per unit. His fixed costs are Rs. 100. His other costs are given below. Read the following table and answer the question.

What is Mr. X and Co.’s total cost when 4 units are produced?

The economic profit at Nicole’s factory is:

Read the following paragraph and answer the question.
Nicole owns a small pottery factory. She can make 1,000 pieces of pottery per year and sell them for Rs. 100 each. It costs Nicole Rs. 20,000 for the raw materials to produce the 1,000 pieces of pottery. She has invested Rs. 1,00,000 in her factory and equipment: Rs. 50,000 from her savings and Rs. 50,000 borrowed at 10 percent. (Assume that she could have loaned her money out at 10 percent, too.) Nicole can work at a competing pottery factory for Rs. 40,000 per year.

The accounting profit at Nicole’s pottery factory is:

Read the following paragraph and answer the question.
Nicole owns a small pottery factory. She can make 1,000 pieces of pottery per year and sell them for Rs. 100 each. It costs Nicole Rs. 20,000 for the raw materials to produce the 1,000 pieces of pottery. She has invested Rs. 1,00,000 in her factory and equipment: Rs. 50,000 from her savings and Rs. 50,000 borrowed at 10 percent. (Assume that she could have loaned her money out at 10 percent, too.) Nicole can work at a competing pottery factory for Rs. 40,000 per year.

The economic cost at Nicole’s factory is:

Read the following paragraph and answer the question.
Nicole owns a small pottery factory. She can make 1,000 pieces of pottery per year and sell them for Rs. 100 each. It costs Nicole Rs. 20,000 for the raw materials to produce the 1,000 pieces of pottery. She has invested Rs. 1,00,000 in her factory and equipment: Rs. 50,000 from her savings and Rs. 50,000 borrowed at 10 percent. (Assume that she could have loaned her money out at 10 percent, too.) Nicole can work at a competing pottery factory for Rs. 40,000 per year.

The accounting cost at Nicole’s pottery factory is:

Suppose there are three identical vases available to be purchased. Buyer 1 is willing to pay Rs. 30 for one, buyer 2 is willing to pay Rs. 25 for one, and buyer 3 is willing to pay Rs. 20 for one. If the price is Rs. 25, how many vases will be sold and what is the value of consumer surplus in this market?