Relation between average and marginal revenue
Describe the relation between average revenue and marginal revenue. whenever a firm can sell an extra unit or a good by lowering price.
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(i) AR and MR both decreases.(ii) MR decrease at the rate of twice than AR.(ii) MR become zero and negative but AR can never be zero.
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Pure competitors produce where P is = MC since: (w) their objective is community welfare, not profit. (x) this always allows them excess profits. (y) maximum profit needs that MR = MC. (z) they can set any price they desire Discover Q & A Leading Solution Library Avail More Than 1438663 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1959922 Asked 3,689 Active Tutors 1438663 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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