D) A manufacturer knows that: His TR is given by Revenue = 23Q-Q His total cost of production is; Cost = 36 + 2Q+0.1Q Where Q is the weekly production in thousands I. Economists define MR as the rate of change of Total revenue. Derive an expression for Marginal Revenue (MR) II. How do you think Economists' would define 'Marginal Cost? Derive an expression for marginal Cost (MC) III. What output will make marginal Revenue equal Marginal cost?

D) A manufacturer knows that: His TR is given by Revenue = 23Q-Q His total cost of production is; Cost = 36 + 2Q+0.1Q Where Q is the weekly production in thousands I. Economists define MR as the rate of change of Total revenue. Derive an expression for Marginal Revenue (MR) II. How do you think Economists' would define 'Marginal Cost? Derive an expression for marginal Cost (MC) III. What output will make marginal Revenue equal Marginal cost?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 6SCQ: A firms marginal cost curve above the average variable cost curve is equal to the films individual...

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A firms marginal cost curve above the average variable cost curve is equal to the films individual supply curve. This means that every time a firm receives a price from the market it will be willing to supply the amount of output where the price equals marginal cost. What happens to the films individual supply curve if marginal costs increase?
Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?
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answer this question bu not on excel