GrawHil COMcGrawHillMicro- Perfect CompetitionCorn Market: High PriceНаpрyEconomicsCorn Market: High PriceMentorMarket for Corn: High Price8.00In class, we learned about marginalrevenue (MR). Marginal revenue isthe additional revenue receivedfrom selling one more unit.7,006.00Kim5.004.00James, you sell your corn in aperfectly competitive market withan equilibrium price of $4.00.What is true about your marginal3.002.00Kim1.00revenue?0.0040Quantity (in millions)1020305060708090100110My marginal revenue isconstant and equal to $4.00.For each bushel of corn I sell, Iearn $4.00 in additionalJamesrevenue.That is correct!НаpрyEconomicsMentorContineePrice Corn Market: High PriceНарруEconomicsCorn Market: High PriceMentor8.00Market for Corn: High Price7.00Now that you know your marginalrevenue, how many bushels shouldyou produce to maximize yourprofits in the short run?6.005.00Kim4.003.002.001.000.00010203040506070Quantity (in millions)8090100110I should produce the number of bushels that sets mymarginal revenue equal to my marginal cost ofproduction.I should produce the number of bushels that sets mymarginal revenue per bushel above marginal cost perbushel.I should produce the number of bushels that sets mymarginal revenue per bushel below marginal cost perbushel.Submit

* In a perfectly competitive market, the price determined by the industry with the help of demand…

Hill Mc Graw Hill Micro- Perfect Competition Corn Market: High Price Наpрy Economics Corn Market: High Price Mentor Market for Corn: High Price 8.00 In class, we learned about marginal revenue (MR). Marginal revenue is the additional revenue received from selling one more unit. 7.00 6.00 Kim 5.00 4.00 James, you sell your corn in a perfectly competitive market with an equilibrium price of $4.00. What is true about your marginal 3.00 2.00 Kim 1.00 revenue? 0.00 10 20 30 40 50 60 70 80 90 100 110 Quantity (in millions) My marginal revenue is constant and equal to $4.00. For each bushel of corn I sel, I earn $4.00 in additional James revenue. That is correct! Happy Price

Hill Mc Graw Hill Micro- Perfect Competition Corn Market: High Price Наpрy Economics Corn Market: High Price Mentor Market for Corn: High Price 8.00 In class, we learned about marginal revenue (MR). Marginal revenue is the additional revenue received from selling one more unit. 7.00 6.00 Kim 5.00 4.00 James, you sell your corn in a perfectly competitive market with an equilibrium price of $4.00. What is true about your marginal 3.00 2.00 Kim 1.00 revenue? 0.00 10 20 30 40 50 60 70 80 90 100 110 Quantity (in millions) My marginal revenue is constant and equal to $4.00. For each bushel of corn I sel, I earn $4.00 in additional James revenue. That is correct! Happy Price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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