Perfect competition and the supply curve - production and profits - using marginal Analysis to choose the profit- maximizing Quantity of output
6 important questions on Perfect competition and the supply curve - production and profits - using marginal Analysis to choose the profit- maximizing Quantity of output
What do we call the optimal amount of a activity at the level which marginal benefit is equal to marginal cost?
What do we call the marginal benefit of that unit that is the additional revenue generated by selling that unit?, what is the formula
change in total revenue/ change in quantity of output
What do we call the additonal revenue generated by producing one more unit?
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What happens to MC and MR if the firm is not perfectly competitive
What is the marginal revenue curve of a firm that is a price take? So what? What is the elasticity of the curve?
so it can sell as much as it like at the market prices
perfectly elastic demand curve
When is price taking firm's profit is maximized? What do we call it?
- price taking firm's profit is maximized by producing the quantity of output to the point at which the market price is equal to the marginal cost of the last input.
- we call it the firms optimal output rule.
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