Author Question: Suppose XYZ Corp. is producing and selling disposable wooden chopsticks in a perfectly competitive ... (Read 37 times)

Gabby · **on:** Oct 12, 2022

Question 1

Farmer Anna is producing tomatoes in a perfectly competitive market. In Year 1 she sells 4000 bushels of tomatoes at a price of $12.00 each. In Year 2 she sells 4800 bushels at $13.00 each. In Year 2, her average revenue is ________ and her marginal revenue is ________.
◦ $12.00; $1.00
◦ $12.50; $12.50
◦ $12.00; $12.00
◦ $13.00; $1.00
◦ $13.00; $13.00

Question 2

Suppose XYZ Corp. is producing and selling disposable wooden chopsticks in a perfectly competitive market. The market price is $0.04 per unit and the firm is currently producing 1 million units per month. The firm's total revenue is ________ per month. The firm's marginal revenue is ________.
◦ $40 000; $0.015
◦ $15 000; $0.015
◦ $40 000; $0.04
◦ $40 000; $0.025
◦ $25 000; $0.04

Burly · **Reply #1 on:** Oct 12, 2022

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