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Answer each of the following question in one or two paragraphs.

1-Describe the difference between average revenue and marginal revenue .why are both of these revenue measures important to a profit-maximizing firm?

2-In the 1980s,the dangerous Ebola virus entered the united states through contaminated monkeys that were imported for use in medical experiments. Suppose that this virus hadn't been contained, and had spread to the general population. Describe the resulting effects on labor productivity.(Assume that the virus is lethal in half of the people who are exposed to it?

3-Describe the difference between marginal cost and average total cost. Why are both of these costs important to a profit-maximizing firm?

Microeconomics, Economics

  • Category:- Microeconomics
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