A strawberry farmer, operating ih a perfectly competitive market, is currently producing 99 packs of strawberries. The market price for a pack of strawberries is $6 a pack. The marginal cost of producing one more pack for the farmer is $5. What is the marginal revenue the farmer will receive from producing his 100th pack of strawberries? (Hint: If you aren't sure what marginal revenue means, look it up before choosing an answer)

A strawberry farmer, operating ih a perfectly competitive market, is currently producing 99 packs of strawberries. The market price for a pack of strawberries is $6 a pack. The marginal cost of producing one more pack for the farmer is $5. What is the marginal revenue the farmer will receive from producing his 100th pack of strawberries? (Hint: If you aren't sure what marginal revenue means, look it up before choosing an answer)

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 15P

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