Question

If the price elasticity of demand for a firm's output is elastic, then the firm's marginal revenue is​

Answer 1

Answer:

If the price elasticity of demand for a firm's output is unit elastic, then marginal revenue is equal to zero and total revenue is at a maximum. If a firm is a perfect competitor, then its marginal revenue is equal to the price of its commodity.

Explanation:

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Answer 2

Answer:

If the price elasticity of demand for a firm's output is elastic, then the firm's marginal revenue is positive, and an increase in price will cause total revenue to decrease.

Explanation:

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