If the market price for a chair is $24 and the marginal cost for the chair is $7, the marginal revenue from the chair would be _____.

Question

11-11-2016
Business

contestada

If the market price for a chair is $24 and the marginal cost for the chair is $7, the marginal revenue from the chair would be _____.

Respuesta :

Otras preguntas

John is a quarterback. This year, he completed 350 passes, which is 70% percent of all the passes he's attempted this year. How many passes has John attempted t

Where would one million pennies belong in our table

Though no longer a series of colonies, the United States retains close ties to Britain as __________. a. a commonwealth b. a dependency c. a dominion d. part of

2x^2+7x-15=0 If r and s are two solutions of the equation above and r > s, which of the following is the value of r-s?

One tank is filling at a rate of 5/8 gallon per 7/10 hour. A second tank is filling at a rate of 5/9 gallon per 2/3 hour. Which tank is filling faster? Why?

What is the side length of 90,000 square miles and 216 square miles

sophia buys 4/5 pound of sunflower seeds.she eats 1/10 pound of seeds each day.how many seeds will it take sophia to eat all the sunflower seeds

Last summer,Karl went to the beach every 2 days. Antonia went to the beach every 3 days. How often did they see each other at the beach?

The late eighteenth century saw a shift from making goods by hand to producing goods with power-driven machinery. What is this change called? Scientific Revolut

metchelle metchelle · Answer 1 · 2016-11-16T10:06:19+01:00

metchelle metchelle

16-11-2016

Based on the given data above, the answer that would best complete the given statement would be $24. If the market price for a chair is $24 and the marginal cost for the chair is $7, the marginal revenue from the chair would be $24. Hope this answer helps.

Answer Link

LearnGrow LearnGrow · Answer 2 · 2018-08-14T09:29:47+02:00

If the market price for a chair is $24 and the marginal cost for the chair is $7, the marginal revenue from the chair would be $24. The marginal cost of production is the cost of producing one additional unit.

Marginal revenue is the additional profit that will be generated by increasing product sales by one unit. Competitive firms experience marginal revenue that is equal to the market price. Producing chairs is part of the competitive market, which means that the marginal revenue is the same as the market price, $24.