Answered: A firm in a competitive market receives…

A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold?

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section: Chapter Questions

Problem 11SQ

See similar textbooks

Related questions

Q: A firm in a competitive market receives $880 in total revenue and has marginal revenue of $20. The…

A: In a competitive market, the price(P) is taken as given by each of the firms. So, total revenue(TR),…

Q: The short-run market demand and supply for Kente cloth are expressed as follows: Demand:P=40-0.25Q…

A: Given data: Demand: P=40-0.25QSupply: P=5+0.05QMarginal cost: -20+4Q

Q: QUESTION SEVEN The average total cost of producing a commodity is given by ATC = 1000'g + 100 -…

A: As per the policy , we are allowed to solve the first three parts in case multiple sub parts.

Q: In a perfectly competitive market, assume the market price is $10 per unit, and the…

A: Answer; The profit amount at the profit-maximizing quantity is $90.

Q: In a perfectly competitive market, if price and the minimum level of average variable ce are the…

A: In a perfectly competitive market determines the market price at the intersection point of market…

Q: True/false 1- perfectly competitive firms are sometimes called price takers because they have…

A: Perfect competition is a type of market structure where competition is at its greatest possible…

Q: Consider the perfectly competitive spice market. At the equilibrium price, the elasticity of market…

A: Percentage change is used in finance for various purposes, including indicating the percentage…

Q: Suppose Adam's Apples, a small firm supplying apples in a perfectly competitive market, decides to…

A: Perfect competition is a market structure where all firms sell identical and homogeneous products.…

Q: A firm in a competitive market receives $1,040 in total revenue and has marginal revenue of $20. The…

A: A firm in a competitive market has constant marginal revenue (MR) equal to the price (P). Further,…

Q: The market for paperback detective novels is perfectly competitive. Market Demand is given by…

A: Given: Regular reader demand = 38 - 0.5Q Occasional reader demand Qd = 99 - 6P

Q: The accountant of an agricultural company is asked to make a report about the commodities, and…

A: The law of demand refers to the inverse or negative relationship between the quantity demanded of a…

Q: The table shows the total cost for a firm in a perfectly competitive market where the market price…

A: Q TC 0 20 1 25 2 35 3 50 4 70 5 95

Q: Compute marginal revenues from the following data on market demand: Price per unit $38 36 34 32 30…

A: Marginal revenue is the increase in total revenue which producer gets when an additional quantity is…

Q: 10 S, Demand 7 Supply D, 1 D. 10 20 30 40 50 60 70 80 06 100 QUANTITY (Millions of pounds) The new…

A: The equilibrium is obtained where Demand and Supply curve intersect each other.

Q: In a competitive market, the current equilibrium price is $110 per unit. A firm that produces Q…

A: Given: Price(P)=$110 per unit

Q: firm in a competitive market receives $1,200 in total revenue and has marginal

A: Here, AR average revenue MR marginal revenue TR total revenue P Price Q quantity

Q: industry has 1000 competitive firms, each producing 50 tons of output. At the current market price…

A: Given: Number of firms = 1,000 Production by each firm = 50 tons The market price is = $10 The slope…

Q: Each firm in a perfectly competitive industry has total costs c = q2 – n + 16. Market demand is Q =…

A: Given:- C=q2-n+16 Q=24-2p Tax, t=1 Please find the images attached below for detailed solution.

Q: Consider the perfectly competitive market for California oranges. Explain the characteristics that…

A: To calculate equilibrium price and quantity we simply have to use th concept of equating both demand…

Q: The market for paperback detective novels is perfectly competitive. Market Demand is given by…

A: In a perfectly competitive market, there exists a large number of buyers and sellers of the good in…

Q: Question 7 Consider a perfectly competitive market character market demand equal to Q,-100-2*p. What…

A: Equilibrium, Demand function = Supply function

Q: Claude's Copper Clappers sells clappers for $65 each in a perfectly competitive market. At its…

A: Given, Price = P =$65 Marginal cost =MC= $65 Average variable cost = AVC= $45 Average cost = AC =…

Q: A competitive firm sells 100 units of output for $5 per unit. The firm’s marginal revenue amounts to…

A: MR=∆TR/∆Q

Q: A perfectly competitive market is described by the demand curve QD= 60 – 2P, and the supply curve QS…

A: The equilibrium price is the only price where the plans of consumers and the plans of producers…

Q: The following cost data are for a fırm in a purely competitive market. TC 1 20 36 51 4 58 If the…

A: Firms in perfect competition are price takers that is they accept the market price as given.

Q: The short-run market demand and supply for Kente cloth are expressed as follows: Demand:P=40-0.25Q…

A: ANS Demand : P = 40 – 0.25Q Supply : P = 5 + 0.05Q Total Revenue (TR) = Price × Quantity demanded.…

Q: Output Total Cost $5 1 $10 $12 3 $15 4 $24 $40 5 If the market price is $16, this firm will A.…

A: Total revenue and profit is shown in below table.

Q: The Market The equation for market demand is given by: 100- Q = 950 - 10p. 90- The equation for…

A: The Residual Demand occurs when the demand exceeds its supply in the market. It can be calculated as…

Q: Consider the perfectly competitive spice market. At the equilibrium price, the elasticity of market…

A: Both the demand and supply bend show the connection between price and the number of units demanded…

Q: A firm in a competitive market receives $1,160 in total revenue and has marginal revenue of $20. The…

A: Given : In a perfectly competitive market, Total Revenue = $1160 Marginal Revenue = $20.

Q: A firm in a competitive market receives $1,000 in total revenue and has marginal revenue of $25. The…

A: Here, given information is, Firm operates in perfectly competitive market. Total revenue: $1,000…

Q: na perfectly competitive market demand function of a good is Q" = -30P+2250 and supply function is…

A: Given Perfectly competitive market. Demand function = Qd = -30P + 2250. Supply function = Qs =…

Q: In a perfectly competitive market, the market demand and supply curves are given by Q, = 1000 - 10P,…

A: A perfectly competitive firm is a price taker as there are large number of firms selling identical…

Q: Agribusiness firm ABC is the only buyer of good X. The demand for X is P-140-2Q, where P is the…

A: The equilibrium price is the only price where the plans of consumers and the plans of producers…

Q: Lasguns are produced by identical firms in a perfectly competitive market. Each firm's Total Cost…

A: Given: Total Cost : TC=470+13q+q2 Marginal Cost : MC=13+2q Market Demand: P=401-2Q

Q: The price faced by the firm in a perfectly competitive market is $70 per unit. The average total…

A: Formulas of cost are: 1. Total Cost = Total Fixed Cost + Total Variable Cost 2. Average Total Cost =…

Q: . Price-taking firms i.e., firms that operate in a perfectly competitive market, are said to be…

A: To find : Which is condition of smallness.

Q: The treadmill market is a competitive industry with long-run economic costs. Provided the following…

A: Perfect competition is a market structure that comprises numerous sellers selling items with…

Q: A perfectly competitive form sells 40 units of output at the market price of $ 380 per unit . It's…

A: The marginal revenue forms the horizontal straight line which equates the price in the market with…

Q: A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What…

A: Perfect competition is a market structure featuring more number of sellers and buyers in the market,…

Q: Consider a perfectly competitive market in which each firm's short-run total cost function is C= 25+…

A: Answer -

Q: A firm sells a product in a purely competitive market . The marginal cost of the product at the…

A: The firm produces various goods and services. The competitive market would result in many buyers and…

Q: Consider in perfectly competitive market the following demand and supply equations for sugar: Qd…

A: Answer Quantity demanded is the total demand for the products and services manufactured in an…

Q: A company that works in a perfectly competitive market has a total cost function: TC = Q3 - 36Q2 +…

A: In a perfectly competitive market, there is a large number of buyers and sellers. Each seller…

Q: 2. In the competitive mink oil industry, each fim has the same cost function: C = 10,000 100 +…

A: Given Information, Each firm has the same cost function (C) = 100 + 0.01q2 Demand for mink oil (Q) =…

Q: Question Suppose that the prevailing price is $6 a pound in the perfectly competitive market for…

A: When talking about perfectly competitive market, it is the place where a large number of sellers…

Q: Assume a perfectly competitive market where assumption BIG holds. The demand curve is MWTP=35 –…

A: Producer surplus refer to the difference between the minimum acceptance price of the producer and…

Q: Question 23 A competitive firm has a total cost function in dollars of the form C(q)= 100–4q + q^2,…

A: Given; Total cost function; C(q)=100-4q+q2 Market price; P= $10 Supply function for competitive firm…

Q: The demand for bicycles is given by the equation: Q = 1000 – 5P - There are currently 100 identical…

A: Given information Market Demand function Q=1000-5P Firms Cost functionC=252q2+20q+50 There are 100…

Question

A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

How do you calculate the revenue of a firm that produces only one good?
Using the figure above, what is the total revenue for the firm?
An exclusive Yoghurt manufacturer sells 4,000 gallons per month at a price of GHS 40 each. When the price is reduced to GHS 30 sales increase to 6,000 gallons per month. Calculate the change in revenue due to the change in price.
A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold? Microeconomics - Mankiw
A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $200. What is its profit? What is its marginal cost? What is its average variable cost?
High total revenue does not necessarily mean maximum profit. Explain this statement
A bakery that produces 100 loaves of bread has a variable cost of $50 and a fixed cost of $200. Calculate the total cost, average total cost, average variable cost, and average fixed cost of the bakery. 50 units of an output is supplied when the price is OMR 10. When price increases to OMR 20, the units of output supplied will be 80. Calculate elasticity of supply and comment on its elasticity.
603 chairs sold at $91 each. If total revenue is $54,873, then calculate:
A competitive firm sells 500 units of output and its marginal revenue at 500 units of output is $35. The firm’s total revenue amounts to what?
The short-run market demand and supply for Kente cloth are expressed as follows: Demand:P=40-0.25Q Supply: P=5+0.05Q Marginal cost: -20+4Q a) Find short run level of output.
Explain the relationship between Total Revenue, Average Revenue and Marginal Revenue.
A firm sells its product i two different markets. the inverse demand in market A is PA=72-5QA & in market B, it is PB=60-3QB.it has fixed cost of 72.each unit it produces costs 12 that is marginal cost equals 12.to maximize profits, what quantities of output will be sold in each market & what will total profits be?