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

Long-run average cost curve, Why might the point at which the long-run aver...

Why might the point at which the long-run average cost curve levels out change over long periods of time? include a diagram.

Entrepreneurship, what do you call an entrepreneur using someone elses idea...

what do you call an entrepreneur using someone elses ideas to start a business

Low per capita income, Assume that the per capita income in Alfaland (with ...

Assume that the per capita income in Alfaland (with initial high per capita income) is growing quicker than it is in Betaland (with initial low per capita income). Then: the gap in

How can value management be use when project is under way, When a project i...

When a project is under way, how can value management be utilized to estimate proposed changes? While potential changes to a project have been acknowledged, value management ca

Distinguish between internal and external economies of scale, Use short not...

Use short notes and illustrations to answer the following questions: i) Distinguish between an indifference curve and an isoquant ii) Distinguish between substitution and inc

Define the planned or command economy system, Define the planned or command...

Define the planned or command economy system. Planned or command economy: Resources are owned through the state. The state assigns resources, and sets production goals a

Price elasticity of demand, explain why each of the following factors influ...

explain why each of the following factors influence the own price elasticity of demand for a comodity 1. Consumer preferences 2. the narrowness of definiton of the commodity

Secondary sector, factors that affect the volume of production in economy

factors that affect the volume of production in economy

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