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Homework Answers
Ans.3- (A)
If average revenue function is greater than marginal revenue function then its average revenue function must be falling because marginal revenue is lower than average revenue.
Ans 4- (D)
Here we have to maximize welfare(not profits) . Total welfare is maximized when price = marginal cost because there is no deadweight loss in this situation. We also know that price = average revenue . So, total welfare is maximized when average revenue = marginal cost. Therefore we have to increase output until average revenue exceeds marginal cost.
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Please provide full explanation . Thank you!
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Need full explanation pls
Thank you
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