A highly competitive market is made up of 100 identical firms. Each firm has a short-run marginal cost function as follows: MC = 10  + q, where q represents units of output per unit of time. The firm's average variable cost curve intersects the marginal cost at a  vertical distance of 10 above the horizontal axis. Given the market short-run supply curve: MC= aQ + b where Q is market output  Solve for a: __1__ Solve for b: __2__ What is the price that would make 500 units forthcoming per time period? __3__

Assume the price of a product in a perfectly competitive firm is $20 and currently it is making minimum loses. What is the marginal cost (MC) and marginal revenue (MR) at this production level?

On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 6, 12, 15, 18, 24, and 30 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results.   Calculate the total revenue if the firm produces 6 versus 5 units. Then, calculate the marginal revenue of the sixth unit produced. The marginal revenue of the sixth unit produced is________.   Calculate the total revenue if the firm produces 12 versus 11 units. Then, calculate the marginal revenue of the 12th unit produced. The marginal revenue of the 12th unit produced is_________.

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