QUESTION 4In a situation where a perfectly competitive firm is producing at a level of quantity where their marginal revenue is greater than their marginal costO then they should increase the quantity they are producing and selling currently. This will help them to increase their profits.O then they should deccrease the quantity they are producing and selling currently. This will help them to increase their profits.then they should keep the quantity they are producing and selling currently as constant. This will help them to increase their profits.O then no further action is required on their part as it is a perfect condition for them. QUESTION 13To find out the profit maximizing quantity we look at the level of quantity whereO marginal revenue > marginal cost.marginal revenue < marginal cost.marginal revenue = marginal cost.O marginal revenue and marginal cost are equal to 1.

Question 4 : The correct option is C that is then they should keep the quantity they are producing…

QUESTION 13 To find out the profit maximizing quantity we look at the level of quantity where O marginal revenue > marginal cost. marginal revenue < marginal cost. marginal revenue - marginal cost. O marginal revenue and marginal cost are equal to 1.

QUESTION 13 To find out the profit maximizing quantity we look at the level of quantity where O marginal revenue > marginal cost. marginal revenue < marginal cost. marginal revenue - marginal cost. O marginal revenue and marginal cost are equal to 1.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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