Consider the following demand schedule. Does it apply to the perfectly competitive firm? Calculate marginal and average revenue.
Price Quantity Price Quantity
$100 1 $70 5
$95 2 $55 6
$88 3 $40 7
$80 4 $22 8
a. Assume the marginal cost of producing the good in table is the constant $10 per unit of output. What quantity of output will the firm produce?