Question: Assignment Chapter 9 Perfect Competition 1. Use the following demand schedule to determine total revenue and marginal revenue for each possible level of sales: table

Assignment Chapter 9 Perfect Competition 1. Use the following demand schedule to determine total revenue and marginal revenue for each possible level of sales: table below: Product Quantity Total Marginal Price Demanded Revenue Revenue $2 0 $ $ 2 | 2 3 = 2 3 S 2 - == 2 5 a. What can you conclude about the structure of the industry in which this firm is operating? Explain use examples. b. Graph the demand, total-revenue, and marginal- revenue curves for this firm c. Why do the demand and marginal-revenue curves coincide? d. \"Marginal revenue is the change in total revenue associated with additional units of output.\" Explain verbally and graphically, using the data in the table

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