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Important Questions about Marginal Revenue

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Consider the following demand schedule (attached). Does it apply to a perfectly competitive firm? Compute marginal and average revenue.

a. suppose the marginal cost of producing the good in the above question is constant $10 per unit of output. What quantity of output will the firm produce?

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Solution Summary

Output in this case is determined.

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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