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Microeconomics 6th Edition by Robert Hall, Shirley Kuiper, Marc Lieberman
Edition 6ISBN: 978-1133708735Microeconomics 6th Edition by Robert Hall, Shirley Kuiper, Marc Lieberman
Edition 6ISBN: 978-1133708735 Exercise 8
Suppose Ned's Beds does not have to lower the price in order to sell more beds. Specifically,suppose Ned can sell all the beds he wants at a price of $275 per bed.
a. What will Ned's MR curve look like? (Hint: How much will his revenue rise for each additional bed he sells?)b. In Table 1,how would you change the numbers in the marginal revenue column to reflect the constant price for beds?
c. Using the marginal cost and new marginal revenue numbers in Table 1,find the number of beds Ned should sell
Table 1
a. What will Ned's MR curve look like? (Hint: How much will his revenue rise for each additional bed he sells?)b. In Table 1,how would you change the numbers in the marginal revenue column to reflect the constant price for beds?
c. Using the marginal cost and new marginal revenue numbers in Table 1,find the number of beds Ned should sell
Table 1
Explanation
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Marginal revenue is the additional reven...
Microeconomics 6th Edition by Robert Hall, Shirley Kuiper, Marc Lieberman
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