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a perfectly competitive firm has the following cost functions: TC = 1000 + Q + 0.002Q^2...

a perfectly competitive firm has the following cost functions:
TC = 1000 + Q + 0.002Q^2
MC=1 + 0.004Q
market price is 31 what is the firm's MR

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Answer #1

Firstly It should be known that ,in perfect competitive market market price is always equal to the average revenue as well as the marginal revenue

So here the answer of marginal revenue will be equal to the market price that is $31.

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