Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's marginal revenue function?
A. MR = 20,000 - 200Q
B. MR = 400 - 10,000Q
C. MR = 50 - (1/400)Q
D. MR = 50 - 0.005Q
D. MR = 50 - 0.005Q
You might also like to view...
The more interest-sensitive is money demand, the
A) more effective is fiscal policy relative to monetary policy. B) more effective is monetary policy relative to fiscal policy. C) steeper is the IS curve. D) steeper is the LM curve.
If a union negotiates a wage greater than the competitive wage, the total union wage bill will necessarily decrease
a. True b. False
Seth is a competitive body builder. He says he has to have his 12-oz package of protein powder to "feed his muscles" every day. On the basis of this information, what can you conclude about his price elasticity of demand for protein powder?
A) It is elastic. B) It is perfectly elastic. C) It is perfectly inelastic. D) The price elasticity coefficient is 1.
Refer to the information provided in Figure 26.2 below to answer the question(s) that follow.
Figure 26.2Refer to Figure 26.2. At $900 billion, this economy
A. is producing below its capacity. B. reaches its capacity. C. is above its production capacity. D. Any of the above can be correct