1.Consider the following demand schedule. Does it apply to a perfeclty competitive firm ?
Compute marginal and average revenue
Price
|
Quantity
|
$100
|
1
|
$95
|
2
|
88
|
3
|
80
|
4
|
70
|
5
|
55
|
6
|
40
|
7
|
22
|
8
|
2. suppose th emarginal cost of producing the good in before question is aconstant $ 10 per unit of output . what quantity of output will the firm produce