User Account

All Pages

What is the firm marginal revenue

Assignment Help Microeconomics
Reference no: EM132422689

Problem: A firm in a perfectly competitive market has the cost structure described by the MARGINAL COST function:

MC=5+11q

Where q is quantity. Suppose that the market price is $60.

Required:

Question 1: What is the firm's marginal revenue? Explain.

Question 2: What is the firm's profit maximising level of production?

Reference no: EM132422689

Questions Cloud

What will the price of the product become : What will the price of the product become if the industry becomes monopolized?
Determine the reaction functions for duopolist : Determine the reaction functions for each duopolist. Determine the profit maximizing price and quantity for this Cournot-Nash equilibrium.
Explain what creates wage differentials : Question 1: Explain what creates wage differentials. Question 2: Explain the major points in the cases for and against the minimum wage.
Explain should coes expand to mexico and why? : Explain Should Coes expand to Mexico and why?
What is the firm marginal revenue : Problem: A firm in a perfectly competitive market has the cost structure described by the MARGINAL COST function:
Deadweight loss due to profit-maximizing monopoly : What is the deadweight loss due to profit-maximizing monopoly pricing under the following conditions: The price charged for goods produced is $10.
Explain why tax collections increased then decreased : In 1992 the amount collected fell to only $20.3 million and by 1993, the amount collected was only $18 million. Explain why tax collections increased then decre
Determine the optimal number of bolts : Determine the optimal number of bolts (EOQ) for the plant to purchase, the time between placements of orders
Explain and draw the error detection process : Explain and draw the Error Detection Process for Cyclic Redundancy Check and Compute the frame check sequence using Cyclic Redundancy Check (CRC)

Reviews

Write a Review

Microeconomics Questions & Answers

  Afirm has following short-run production function where l

a firm has the following short-run production function where l labor and q outputq 10l - 0.5l2suppose that the

  What is a market economy

How is socialism different from capitalism? Define the terms opportunity cost, scarcity, and resources. Please describe in detail an example of how each of these concepts have affected or currently affect your life.

  What is the reason for assuming the zero inflation rate

What is the reason for assuming the zero inflation rate for the calculations under annualized equivalent method

  The book cites which factor for slow growth

The book cites which factor for slow growth in Latin America countries?  A) their reliance on the drug trade  B) Excessive government intervention in the economy

  Why a central bank will be concerned about the exchange rate

Briefly explain why a central bank will be concerned about the exchange rate.

  What uniform annual investment will he have

A man wants to help provide a college education for his young daughter. He can afford to invest $600/yr for the next 4 years, beginning on the girl's 4th.

  Explain the nature of the lrac

ECO501/511 QUESTION BANK - Examination questions will be drawn from the following. Explain why firms will set marginal cost equal to marginal revenue in determining the level of output at which they will produce. Explain the concept of economic prof..

  Services industries are important in building economic

services industries are important in building economic growth.write your essay by addressing the following-describe

  What action might federal govt take to give economy boost

The latest economic news was not very positive. Unemployment rates were higher than expected, consumer confidence had fallen, and companies were reporting layoffs were in order. The Federal Reserve chairman acknowledged the economy was in a recess..

  How might firms still have positive economic profit

How might firms still have positive economic profit? Describe a strategy a firm in this type of market might use to maintain economic profits.

  Define ways to deal with the moral hazard problem

Determine the ways your company is dealing with the moral hazard problem and suggest best practices used in the industry to deal with it.

  Level of income per capita-growth rates of income per capita

Suppose there are two countries. In the rich country the representative consumer has Hr units of human capital, and total factor productivity is Zr. In the poor country, the representative consumer has Hp units of human capital, and total factor prod..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd