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

Explain clearly what inflation is, QUESTION (a) Explain clearly what in...

QUESTION (a) Explain clearly what inflation is and elaborate on its main causes. (b) "There is a trade-off between inflation and unemployment" Do you agree with this stateme

Internal audit, Explain the essential distinction among the stages of growt...

Explain the essential distinction among the stages of growth theory of development, the theory of international-dependence in both its neo-marxist and false paradigm conceptualizat

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

Explain foreign direct investment, Explain foreign direct investment: ...

Explain foreign direct investment: 1.  Identify and briefly explain three costs of foreign direct investment (FDI) for a country such as China (the home country) and two benef

Is industrialisation significant in process of development, Is industrialis...

Is industrialisation significant in the process of development? Industrialisation is considered as a major driver of LDC development. Industrialisation arises while a predomin

Foreign exchange derivatives and managing exchange risk, Assume that Debora...

Assume that Deborah Electronics expects a delivery of Fujitsu laptops in a month from a Japanese supplier. Each laptop sells at $1000 in the retail market whereas the import cost i

T-value associated with 25 degrees of freedom, What is the t-value associat...

What is the t-value associated with 25 degrees of freedom and 20% in the tail? (Please round your answer to 3 decimal places)

How does social capital influence development, How does social capital infl...

How does social capital influence development? Problem: Low social capital leads to potential conflicts and high transaction costs which hinder growth. Several LDCs (Less Deve

Difference between absolute and comparative advantage, What is the differen...

What is the difference between absolute and comparative advantage? Difference between absolute and comparative advantage: • Absolute advantage arises while a country or reg

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