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

How does culture influence the development process, How does culture influe...

How does culture influence the development process? Culture influences what is of value into a society and affects how individuals, communities and organisations react to modi

Explain why it is important to plan the design of a website, QUESTION T...

QUESTION The first stage of e-Government involves the creation of a web presence through websites. Discuss the benefits and challenges of a governmental website and explain why

How can be comparative advantage improved, How can be comparative advantage...

How can be comparative advantage improved? Comparative advantage can be gained or improved through: • Investment during the education and also in training • Investment wi

Principles of Economics, Short Answer Questions. assignment is based on ans...

Short Answer Questions. assignment is based on answers which align to DADA style. pls can u send a quote to me

Why are state approaches considered as unsuitable, Why are state approaches...

Why are state approaches occasionally considered as unsuitable for promoting development? Liberal economists’ argument government intervention really thwarts development. G

Elasticity of demand, Explain the elasticity of price expectations?

Explain the elasticity of price expectations?

Business policy & environment, various approaches followed by FMCG companie...

various approaches followed by FMCG companies in test marketing

Business Units, Make a general comparison analysis of all the business unit...

Make a general comparison analysis of all the business units

Alleviation of poverty, Question 1: Poverty reduction is generally infl...

Question 1: Poverty reduction is generally influenced by changes in average income and income redistribution. Thus, in practice it is hard to adjust to the right balance betwee

What is economic partnership agreement, Problem 1: "African Caribbean a...

Problem 1: "African Caribbean and Pacific (ACP) countries no longer have preferential access to the European market for their exports, except under provisions of „Special and D

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