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

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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.

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Explanation & Answer:
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Tags:
total revenue

Marginal Revenue

Economics supply

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