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Compute marginal cost also marginal revenue for the short run cost and demand data.

 

Assume that the short run cost and demand data given in the table below confront a monopolistic competitior selling a given product and engaged in a given amount of product promotion. find out the marginal cost and marginal revenue of each unit of output and enter these figures in the table.

Output
Total
 Marginal
 Quantity Demanded
Price
 Marginal
 Total
 
 cost
cost
 
 Revenue
 Revenue
 
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
 
 
 
7
 145
 7
 25
 
 
 
8
 180
 8
 20
 
 
 
9
 220
 9
 15
 
 
 
10
265
10
 10
 
 
 

a) At what output level and at what price will the firm produce in the short run? What will be the total profit?

b) What will happen to demand, price, and profit in the long run?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M923132

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