29. Refer to Table 14-2. For this firm, the marginal revenue from selling the 3r

Question

29. Refer to Table 14-2. For this firm, the marginal revenue from selling the 3rd unit is a. $12 e.$3 d. S Table 14 Iemand curve faced by a firm, in a competitive market. Total Revenu 30. Refer to Table 14-3. For this firm, the marginal revenue is a. $39 .$26 c. $13. d. SO 31. Refer to Table 14-3. For this firm, the price is a. $39 b. $26 c. $13, d. SO 32. Suppose that a firm operating in perfectly competitive market sells 100 units of output. Its total revenues fron the sale are 3300. Which of the following statements is correct? (i) Marginal revenue equals $5. (ii) Average revenue equals S5. (ii) Price equals S5 a. () only b. (iii) only c. (i) and (ii) only d. (0). (i), and (ii) 33. At the profit-maximizing level of output, a. marginal revenue equals average total cost. b. marginal revenue equals average variable cost. c. marginal revenue equals marginal cost. d. average revenue equals average total cost. Page

Explanation / Answer

Q30
Answer
Option c
MR=change in total revenue/change in quantity
=13/1=13

Q31
The price is same as MR if the MR is constant so P=$13
P=TR/Q=13/1=26/2=39/3=52/4=13

option c
Q32
option b

The P=TR/Q=500/100=5

Q33
option c
profit maximize at MR=MC
because
Profit is sum of marginal profit and it is maximum when the marginal profit equal to 0
the marginal profit=marginal revenue-marginal cost=0
then MR=MC

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