Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If I am asked to find out MR at x=7 (where x is the quantity) and interpret it, how would I do it? Suppose, B

If I am asked to find out MR at x=7 (where x is the quantity) and interpret it, how would I do it? Suppose, B is the result of MR at x=7. Do I interpret it as, "if the quantity changes from 6 to 7, the firm earns an extra revenue of B" or "if the quantity changes from 7 to 8, the firm earns an extra revenue of B"?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Economics questions