Business, 17.11.2020 07:00 plshelp8227

Question 3 A car manufacturer notices that they can sell 11 cars at £18,200, but in order to sell 12 cars they have to
drop the price to £17,400. The marginal cost of producing the 12th car is £9,000. Which of the following
statements is correct?
a) The marginal revenue from selling the 12th car is £18,200.
b) The loss in total revenue of increasing the total number of cars sold from 11 to 12 cars is £800.
c) The marginal revenue when the output is 11 cars is £8,600.
d) The firm should increase its output to maximise its profits.

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Question 3 A car manufacturer notices that they can sell 11 cars at £18,200, but in order to sell 1...

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