Essay
Suppose that a firm sells in a competitive market at a fixed price of $12 per unit.The firm's cost function is: C = 200 + 4Q,where C = total cost and Q = quantity.In this case,how can the firm use marginal revenue [MR] and marginal cost [MC] approach to maximize its profit?
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Here,total revenue = 12Q so that MR = $1...View Answer
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