[All Steps] s 6 through 10 refer to the scenario that follows. A monopolistically competitive firm has the following short-run inverse demand, marginal revenue,
Question: Questions 6 through 10 refer to the scenario that follows. A monopolistically competitive firm has the following short-run inverse demand, marginal revenue, and cost schedules for a particular product:
P = $45 – $0.2Q
MR = $45 – $0.4Q
TC = $500 + $5Q
MC = $5
What would be the amount of the firm’s total revenue at the quantity and price identified in the prior two questions?
Deliverable: Word Document 