Competitive market, Business Economics

Assignment Help:
You are given the following functions in a fully competitive market:
Market demand function: Qd = 20 – 3P
Market supply function: Qs = 4 + P
Where P is price
A) In which price should a fully competitive firm sell its product?
B) Compute the average revenue and the marginal revenue of a fully competitive firm
C) Illustrate in diagrams both the curves of the average and the marginal revenue.

Related Discussions:- Competitive market

Dynamic Multiplier, #what questDynamic Multiplier, Economicsion..

#what questDynamic Multiplier, Economicsion..

Use of risk management techniques significant in is projects, Why is the us...

Why is the use of risk management techniques becoming increasingly significant in IS projects? IS projects: It is like projects in many other disciplines, are becoming i

Political partiy., two political party called hawks show apoint ppf that th...

two political party called hawks show apoint ppf that the hawks might choose and a point the doves might choose

National income is initially at its equilibrium level, Assume  that nationa...

Assume  that national income is initially at its equilibrium level when desired investment falls. We would expect an enhance in national income by an amount equal to the decreasing

How micro or microfinance credit assists in financial market, How is Micro ...

How is Micro or Microfinance credit assists in financial markets? Micro or Microfinance credit assists: • Grow businesses and raise the income of the poor • Extra income

How can value management be utilized, How can value management be utilized ...

How can value management be utilized to compare various possible design solutions? When the bottom-level objectives for a project have been acknowledged through these technique

Economic theory, How does economic theory contributes to managerial decisio...

How does economic theory contributes to managerial decisions?

Law of commerce, Hatfield owned a large farm on which he grew grain. His co...

Hatfield owned a large farm on which he grew grain. His combine was inadequate in relation to the acreage of grain that he harvested annually. As a result, on several occasions his

Market structure, explain the market structure of computer engineering sect...

explain the market structure of computer engineering sector

Write Your Message!

Captcha
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!

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