M/c question - Micro23) When a firm in a competitive market receives $5000 in total revenue, it has a marginal revenue of $100. What is the average revenue, and how many units were sold? A. $100 and 100 units B. $100 and 50 units C. $50 and 50 units D. $50 and 100 units22) Scenario 14-1 Assume a certain firm is producing 1000 units of output (so Q = 1000). At Q = 1000, the firm’s marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit. Refer to Scenario 14-1. At Q = 1000, what is the firm’s profit? A. $1000 B. -$200 C. $3000 D. $4000

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Answered: M/c question - Micro 23) When a firm…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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M/c question - Micro

23) When a firm in a competitive market receives $5000 in total revenue, it has a marginal revenue of $100. What is the average revenue, and how many units were sold?

A. $100 and 100 units
B. $100 and 50 units
C. $50 and 50 units
D. $50 and 100 units

22) Scenario 14-1 Assume a certain firm is producing 1000 units of output (so Q = 1000). At Q = 1000, the firm’s marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit. Refer to Scenario 14-1. At Q = 1000, what is the firm’s profit?

A. $1000
B. -$200
C. $3000
D. $4000

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