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Pie
2 years ago
6

Use the following demand schedule to determine total and marginal revenues for each possible level of sales.

Business
1 answer:
ira [324]2 years ago
7 0

Answer:

please check the attached image for the completed table containing the answers

The industry is purely competitive.

Explanation:

please check the attached image for a clear image of the table used in answering this question

Total revenue = product price x quantity demanded

for example, total revenue when quantity demanded is 2 is $ x 2 = $4

Marginal revenue is change in total revenue.

marginal revenue = total revenue - previous total revenue

e.g. marginal revenue when quantity demanded is 2 is = $4 - $2 = $2

the structure of the industry is a purely competitive market because price is equal to marginal revenue.

A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.  

In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

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Madison Corporation sells three products (M, N, and O) in the following mix: 3:1:2. Unit price and cost data are: M N O Unit sal
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Answer:

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The contribution margin per composite unit for the current sales mix is:

= $26.

Explanation:

a) Data and Calculations:

Products                    M            N            O

Current sales mix      3             1             2

Unit sales price      $16         $11          $13

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Unit contribution    $6          $2           $3

Contribution margin per

composite unit    $18          $2           $6

=                      ($6 * 3)   ($2 * 1)    ($3 * 2)

b) The contribution margin per composite unit is computed as the addition of the contribution margin per composite unit for each product.  Each product's contribution margin per composite unit is calculated as the contribution per unit multiplied by the sales mix for each product.

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If there is no written designated agency relationship, a client of Meramac Realty has what kind of relationship with Meramac
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With no such contract in existence, the law recognizes no agency relationship between Meramac and any of its affiliates with the client. There is therefore a non-agency relationship with everyone in Meramac.

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Alt Corp. issues 3,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made
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Answer:

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