Aidan and Celina are the only sellers of Jack Russell terrier (JRT) in Antigua. Celina chooses her profit-maximizing number of JRTs to sell, q1, based on the number of JRTs that she expects Aidan to sell. Aidan knows how Celina will react and chooses the number of JRTs that she herself will sell, q2, after taking this information into account. The inverse demand function for JRTs is P(q1 + q2) = 2, 000 − 2(q1 + q2). It costs $400 to raise a JRT to sell. If Celina expects Aidan to sell q2 JRTs ,what will her own marginal revenue be if she herself sells q1 JRTs?

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Explicit and Implicit Cost Analysis

The entire idea of the cost of production or production cost is applied corresponding or we can say that it is related to money cost. Money cost refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factors of production or factor services.