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lions [1.4K]
2 years ago
5

Assume that the short-run cost and demand data given in the tables below confront a monopolistic competitor selling a given prod

uct and engaged in a given amount of product promotion. Cost Data Demand Data Total Output Total Cost Quantity Demanded Price 0 $25 0 $60 1 40 1 55 2 45 2 50 3 55 3 45 4 70 4 40 5 90 5 35 6 115 6 30 If the firm sells 3 units of output, marginal revenue will be _______.
Business
1 answer:
sesenic [268]2 years ago
7 0

Answer:

<u>$35</u>

<u>Explanation</u>:

Note the formula:

Total revenue (TR)= Price (P) x Q and Marginal revenue (MR) = Change in TR / Change in Q

<u>Total Revenue for 2 units of output sold</u>

= 2 x $50 = $100

<u>Total Revenue for 3 units of output sold</u>

= 3 x $45 = $135

<u>The Marginal Revenue=</u>

Change in TR (135-100) / Change in quantity (3-2)

= $35/1

= <u>$35</u>

Therefore, the Marginal Revenue If the firm sells 3 units of output, will be $35.

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1 year ago
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2 years ago
Craft, Inc. normally produces between 120,000 and 150,000 units each year. Producing more than 150,000 units alters the company'
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Answer:

The production range between 1120,000 and 150,000 is called Relevant range

correct option is c) relevant range

Explanation:

given data

normally produces = 120,000 to 150,000 units

to find out

The production range between 1120,000 and 150,000 is called

solution

The production range between 1120,000 and 150,000 is called Relevant range because there are 2 point

  • if Craft, Inc. need to reduce fixed expenses then production volume is reduce less than 120000 unit
  • if Craft, Inc. need to increase fixed expenses than production volume is increases more than 150000 unit

and if expected fixed expenses will not change than the production volume is 120000 units to 150000 units

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3 years ago
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