FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Why it the profit maximised when the marginal cost(MC) is equal to the marginal revenue (MR)? Why is the marginal cost curve equal to supply

  1. Why it the profit maximised when the marginal cost(MC) is equal to the marginal revenue (MR)?
  2. Why is the marginal cost curve equal to supply curve in the perfectly competitive market?
  3. Does the competition exist in a one-man economy?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Microeconomics Theory and Applications with Calculus

Microeconomics Theory and Applications with Calculus

Authors: Jeffrey M. Perloff

3rd edition

133019934, 978-0133019933

Students also viewed these Economics questions

Question

★★★★★
Rivers Manufacturing Inc. has the following flexible budget formulas and amounts: Sales...................................................................... $ 20 per unit Direct...

Answered: 1 week ago

Question

★★★★★
Identify reasons for using paradigms as organizing frameworks for methods in the research world.

Answered: 1 week ago

Question

★★★★★
The intangible assets section of Redeker Company at December 31, 2010, is presented below. Patent ($70,000 cost less $7,000 amortization)..... $63,000 Franchise ($48,000 cost less $19,200...

Answered: 1 week ago

Question

★★★★★
Show that the collection of decidable languages is closed under the following set operations: ( a ) Intersection. ( b ) Complement.

Answered: 1 week ago

Question

★★★★★
Explain what The Federal Reserve System is Who controls The Federal Reserve? Is The Federal Reserve System owned by the U.S. government? Does The Federal Reserve System loan money? In your opinion,...

Answered: 1 week ago

Question

★★★★★
Perform a Porter's 5 forces analysis of the following industry. Provide detailed answer. (25 marks) The Textile Industry The textile industry consists of firms that manufacture and distribute fabrics...

Answered: 1 week ago

Question

★★★★★
1. If you are Maria's counselor and you practice feminist therapy, what are the techniques would you follow to facilitate her growth? 2. Maria considers how the messages she received about what men...

Answered: 1 week ago

Question

★★★★★
While Walter says that he cares about his employees, he interrupts them every time they need to talk to him about something and brings the conversation around to his own contributions. This is an...

Answered: 1 week ago

Question

★★★★★
A potential client has seen a demo of watsonx.governance and is looking for something a bit more in-depth, lasting about four hours, and delivered onsite. What would you recommend for them? An Expert...

Answered: 1 week ago

Question

★★★★★
Astro Corporation was started with the issue of 2,000 shares of $5 par stock for cash on January 1, Year 1. The stock was issued at a market price of $12 per share. During Year 1, the company earned...

Answered: 1 week ago

Question

★★★★★
As primary producers of partnership farming business , 1)how do we treat "Hay purchase" for tax purposes ?Can it be allowed deduction? 2)How we treat "Haystack lost" for tax purposes?

Answered: 1 week ago

Previous Question Next Question