If the selling price of my firm is $9 and the profit maximizing output (q*) is 80, and producing 80 units costs $800, what is the Marginal Revenue of the firm?
Also, if the selling price is now $24 as opposed to $9, and the profit maxizing (q*) is 50, and producing those 50 units cost $13 a unit, what is their Marginal Cost?
Lastly, in relation to both, how to I determine the profits of the firms?
Thanks so much for your help.
Also, if the selling price is now $24 as opposed to $9, and the profit maxizing (q*) is 50, and producing those 50 units cost $13 a unit, what is their Marginal Cost?
Lastly, in relation to both, how to I determine the profits of the firms?
Thanks so much for your help.