A firm in a perfectly competitive market produces 700 units. The average cost of producing each unit is $5 while the marginal cost is $7. What is the Total Revenue (total income) the firm earns by selling 700 units.

Q: I need help working through this problem

A: Market clearing price and quantity is archived where both seller and buyer agree to exchange their…

Q: An agricultural seed company has an inverse demand given by: P = 120 - 2Q, and a cost function given…

A: Note : In case of multiple questions , we answer only the first question.  The answer to your first…

Q: What will happen if you make the underground economy legal?

A: Underground economy is the economic activities which are beyond the reach of tax regulators and…

Q: In a company, who gets to determine when and how data should be used?

A: Data refers to individual facts, figures, or bits of information that are often quantitative. A…

Q: Can someone answer more of the questions?

A: Disclaimer- “Since you have asked multiple question, we will solve the last three question of 1st…

Q: what kind of data is used in BI

A: BI Stands for Business Intelligence it refers to the applications, technologies & practices for…

Q: hello is there a way to get help on the chart please

A: Introduction We have given market demand and supply equation.  Market demand: P = 10 - Q Market…

Q: What are criminal prosecutions?

A: The court is the place where trials and legal cases take place.

Q: A pharmaceutical corporation has developed a unique new drug, making the company a monopoly. Demand…

A: For a monopoly, profit maximization occurs at the point where MR equals MC