Question: The table below shows the marginal cost (MC) for The Tea Shop, a perfectly competitive firm producing different quantities of tea. The market price of

 The table below shows the marginal cost (MC) for The Tea

The table below shows the marginal cost (MC) for The Tea Shop, a perfectly competitive firm producing different quantities of tea. The market price of tea is $7.50 a box Instructions: In part around your answers to 2 decimal places. In part b, enter your answer as a whole number a. Complete the marginal revenue (MR) column in the table below. The Tea Shop's Costs and Revenues Quantity Marginal Cost Marginal Revenue (dollars) (dollars) $ (tea) 50 75 $8.00 7.00 6.00 100 125 150 175 7.50 10.50 16.00 23.00 32.00 200 225 b. Ato market price of $7.50 per box of tea, how many boxes of tea should The Tea Shop supply? boxes c. Suppose there is a decrease in demand. The likely effect on the market will be Click to select) in the market price and Click to select in the quantity produced by The Tea Shop

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