LIU Economics Supply and Price per Unit by The Quantity Demanded Question

Question Description

I’m working on a economics question and need an explanation and answer to help me learn.

1 attachmentsSlide 1 of 1attachment_1attachment_1.slider-slide > img { width: 100%; display: block; }
.slider-slide > img:focus { margin: auto; }

Unformatted Attachment Preview

5. Suppose the following data represent the market demand for catfish: L02
Price (per unit)
$20 19 18 17 16 15 14 13 12 11
Quantity demanded (units per day) 12 13 14 15 16 17 18 19 20 21
Total revenue
Marginal revenue
a. Compute total and marginal revenue to complete the table above.
b. At what rate of output is total revenue maximized?
c. At what rate of output is MR less than price?
d. At what rate of output does MR first become negative?
e. Graph the demand and MR curves.

Purchase answer to see full

Explanation & Answer:
100 Words

total revenue

Marginal Revenue

Economics supply

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with FENTYESSAYS.COM ESSAY’s honor code & terms of service.