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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- True/false 1- perfectly competitive firms are sometimes called price takers because they have little or no control over product price. 2- a perfectly competitive firm's horizontal demand curve implies that the firm must lower its price to sell more output.Question 23 A competitive firm has a total cost function in dollars of the form C(q)= 100–4q + q^2, where q is output. Suppose the market price is $10 per unit of output. What is the firm’s short run point elasticity of supply? a) 20/7 b) 5/7 c) 10/7 d) 0.5 e) 2A 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
- At its current level of production, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm’s marginal-cost curve crosses the marginal-revenue curve at an output level of 1000 units. What is the firm’s current profit? What is likely to occur in this market, and why?At its current level of production, a profit-maximizing firm in a competitive market receives $15.00 for each unit it produces and faces an average total cost of $13.00. At the market place of $15 per unit, the firms marginal cost curve crosses the marginal revenue curve at an output level of 1,000 units. What is the firms current profit? What is likely to occur in this market and why?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?
- Consider a firm operating in a competitive market. The firm is producing 50 units of output, has an average total cost of production equal to 7 dirhams, and is earning 350 dirhams economic profit in the short run. What is the current market price?.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 perfectly competitive form sells 40 units of output at the market price of $ 380 per unit . It's marginal revenue per unit is ??
- A firm in a competitive market receives $880 in total revenue and has marginal revenue of $20. The firm's average revenue is $_____________ , and ___________units were sold.Suppose the marginal revenue of a perfectly competitive firm is $10 and its marginal cost is $18 for the production of the first quantity of a good or service, then the firm should Question 7 options: a) increase output b) decrease output c) not enter the market d) none of the aboveAssume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit. To maximize its profit, the firm should a. increase its output b. continue to produce 1,000 units c. decrease its output but continue to d. shut down