If the market price is $40 in a perfectly competitive market, what is the marginal revenue from selling the fifth unit?
Question
Solution 1
1. Break Down the Problem
To find the marginal revenue from selling the fifth unit in a perfectly competitive market, we need to understand that in such a market, the price is constant and equal to the marginal revenue.
2. Relevant Concepts
- In a perfectly competitive market, the price (P) Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI
Similar Questions
If a business in a perfectly competitive industry is confronted with an equilibrium price of $5, its marginal revenue:
Consider the following case: price is $100 and 20 units are sold, then price drops to $99 and 21 units are sold.Calculate the marginal revenue: $________.
If the P/V Ratio of a product is 30% and selling price is Rs. 25 per unit, the marginal cost of the product would be .a.Rs.20 .b.Rs. 15 .c.Rs.18.75 .d.Rs.16 .
Total Revenue = ________Question 4Answera.(Price per unit)(Quantity sold)b.Quantity solc.Price per unitd.(Price per unit)/(Quantity sold)
In perfect competition, price is equal to marginal revenue. Group of answer choicesTrueFalse
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.