Consider the following demand schedule. Does it apply to a perfectly competitive firm? Compute marginal and average revenue.
Price Quantity Price Quantity
$100 1 $70 5
$95 2 $55 6
$88 3 $40 7
$80 4 $22 8
b. Suppose the marginal cost of producing the good in table is a constant $10 per unit of output. What quantity of output will the firm produce?
Please see the attachment.
a) The table is attached with MR and AR calculated. It does not apply to perfect ...
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