What is the relationship between marginal revenue

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Reference no: EM1314999

Q1. Illustrate what is the least degree of confidence in an economic generalization

Q2. A monopolistically competitive firm faces the subsequent demand also cost structure in the short run:

Output Price FC VC TC TR Profit/Loss
0 $100 $100 $0 - - -
1 90 - $50 - - -
2 80 - $90 - - -
3 70 - $150 - - -
4 60 - $230 - - -
5 50 - $330 - - -
6 40 - $450 - - -
7 30 - $590 - - -

a. Complete the table

b. What is the highest profit or lowest loss available to this firm?

c. Should this firm operate or shut down in the short run? why?

d. Illustrate what is the relationship between marginal revenue also marginal cost as the firm increases output?

Reference no: EM1314999

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