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.
Education
- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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