ZuoTi.Pro
Question

Farmer Bean is selling green beans in a purely competitive market. His output is 600 units,...

Farmer Bean is selling green beans in a purely competitive market. His output is 600 units, of which each has a marginal revenue of $3. What is his average revenue?

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

In perfect competition average revenue is equals to marginal revenue and equals to price and demand.

So AR= MR

AR= $3

please upvote if i'm able to help you it means a lot

thank you

0 0
Add a comment
Know the answer?
Add Answer to:
Farmer Bean is selling green beans in a purely competitive market. His output is 600 units,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Farmer Bogus is selling his product in a purely competitive market. His output is 600 bushels...

    Farmer Bogus is selling his product in a purely competitive market. His output is 600 bushels which sell for $5 per bushel. At this level of output, marginal cost is $5, average total cost is $7and average variable cost is $6. Farmer Bogus should produce how many bushels of output?

  • Assume the Green Corporation is producing 25 units of output in a purely competitive market. The...

    Assume the Green Corporation is producing 25 units of output in a purely competitive market. The firm’s marginal revenue is $15. Its total fixed costs are $100 and its average variable cost is $3 at 25 units of output. This corporation is realizing an economic profit of $?

  • HELP!! T-Shirt Enterprises is selling in a purely competitive market. Its output is 300 units, which...

    HELP!! T-Shirt Enterprises is selling in a purely competitive market. Its output is 300 units, which sell for $10 each. At this level of output, marginal cost is $1 and average variable cost is $1.50. The firm should: a. continue to produce 300 units. b. increase output. c. produce zero units of output. d. decrease output.

  • The graph presents the costs and revenue for a perfectly (purely) competitive firm, where the market...

    The graph presents the costs and revenue for a perfectly (purely) competitive firm, where the market price is equal to $600 per unit of output. This firm has a fixed cost equal to $3,600. Use this information to determine the optimal output and profit for this firm. What is the optimal output of this perfectly (purely) competitive firm? (Round your answer to the nearest whole number.) Cost and revenue $2400 2200 2000 1800 Average 1600 total cost Marginal cost Average...

  • Suppose the market for beans is perfectly competitive. The average total cost and marginal cost of...

    Suppose the market for beans is perfectly competitive. The average total cost and marginal cost of growing beans in the long run for an individual farmer are illustrated in the graph to the right 10- 9- МС According to the graph, the long run equilibrium price for beans is $ 4 per box. (Enter a numeric response using a real number rounded to two decimal places.) 8- If at this price an individual bean farmer produces 30 boxes of beans...

  • Take a look at the statements below about a purely (or perfectly) competitive market. Indicate whether...

    Take a look at the statements below about a purely (or perfectly) competitive market. Indicate whether each statement is true or false by moving the true or false labels to the appropriate boxes. 1. In general, the market demand curve in a purely competitive market is perfectly elastic. False True 2. In general, an individual firm in a purely competitive market faces a perfectly elastic demand curve. 3. An individual firm in a purely competitive market can obtain a higher...

  • Graph a purely competitive market showing the point of equilibrium at a price of $400 and...

    Graph a purely competitive market showing the point of equilibrium at a price of $400 and a total product of 10,000. Next to this graph, graph the purely competitive firm. What price will the firm charge for the product? Show the demand, average revenue, and marginal revenue curve on the graph for the firm. Show the profit maximizing quantity for the firm at 500 units of output, or tp. Show this firm suffering a loss of $10000, making sure to...

  • A purely competitive wheat farmer can sell any wheat he grows for $10 per bushel. His...

    A purely competitive wheat farmer can sell any wheat he grows for $10 per bushel. His five acres of land show diminishing returns because some are better suited for wheat production than others. The first acre can produce 1,000 bushels of wheat, the second acre 900, the third 800, and so on. a. Fill in the table below to answer the following questions. How many bushels will each of the farmer’s five acres produce? How much revenue will each acre...

  • 1) Compared with a purely competitive industry, a monopolist produces a. more output at a lower...

    1) Compared with a purely competitive industry, a monopolist produces a. more output at a lower price. b. less output at a higher price. c. more output at a higher price. d. less output at a lower price. 2) Which one of the following statements about monopoly firms and firms in a purely competitive industry is true? a. In the long run, monopoly firms and firms in a purely competitive industry operate at the minimum point of their average total...

  • The graph titled Soy Bean Market is a graph of the market for soy beans, a...

    The graph titled Soy Bean Market is a graph of the market for soy beans, a perfectly (purely) competitive market. The graph titled Roy's Soys depicts an individual firm in the market for soy beans. The market and the firm are currently in long-run equilibrium at Point A. Show what happens in the short run on both graphs when a new medical study shows soy beans to be an effective weight-loss supplement. On the market graph, shift a curve (or...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT