Compute the average revenue and the marginal revenue

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Reference no: EM13209185

You are given the following functions in a fully competitive market:

Market demand function: Qd = 20 - 3P
Market supply function: Qs = 4 + P
Where P is price

A) In which price should a fully competitive firm sell its product?

B) Compute the average revenue and the marginal revenue of a fully competitive firm

C) Illustrate in diagrams both the curves of the average and the marginal revenue.

Reference no: EM13209185

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