A competitive firm sells 500 units of output and its marginal revenue at 500 units of output is $35. The firm’s total revenue amounts to what?
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A competitive firm sells 500 units of output and its marginal revenue at 500 units of output is $35. The firm’s total revenue amounts to what?
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- A competitive firm is maximizing its profit by selling 150 units of output. The firm’s marginal cost is $8 and its average total cost is $6. The firm’s profit amounts to what?A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $200. What is its profit? What is its marginal cost? What is its average variable cost?A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold? Microeconomics - Mankiw
- A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold?A perfectly competitive firm has total revenue and total cost curves given by: TR = 800Q TC = 4,000 + 12Q + 2 Q2 a. Find the profit-maximizing output for this firm. b. What profit does the firm makeA firm sells a product in a purely competitive market . The marginal cost of the product at the current output is $5.25 and the market is$5.90 . What should the firm do?
- A competitive firm sells 100 units of output for $5 per unit. The firm’s marginal revenue amounts to ?why does price equal marginal revenue for the perfectly competitive firm? what is the relationship to the demand curve for the firm?At a market price of $21 a toy, what quantity does the firm produce in the short run and does the firm make a positive economic profit, a zero economic profit, or an economic loss?
- Define Total Revenue and Marginal Revenue. What is Marginal Revenue equal to for a firm in a competitive market? Why is this so?The market for smoothies is perfectly competitive and the market demand schedule is in the first two columns in the below table. Each of the 100 producers of smoothies has the costs given in columns 3- 6 when it uses its least-cost plant. What is the market price of a smoothie? $5.25 $4.25 $2.91 $2.20 Market demand schedule Quantity demanded (smoothies per hour) 1,000 Price (dollars per smoothie) 1.90 2.00 2.20 2.91 4.25 5.25 5.50 950 800 700 550 400 300 Output (smoothies per hour) 3 4 5 6 7 8 9 Producers of smoothies Costs Marginal cost (dollars per additional smoothie) 2.50 2.20 1.90 2.00 2.91 4.25 8.00 Average variable cost (dollars per smoothie) 4.00 3.53 3.24 3.00 2.91 3.00 Average total cost 3.33 7.33 6.03 5.24 4.67 4.34 4.25 4.44Will a profit-maximizing firm in a competitive market ever produce a positive level of output in the range where the marginal cost is falling? Give an explanation.