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Suppose that joe sells pork in a purely competitive market. the market price of pork is 3 per pound, jeos marginal revenue from selling the twelfth pound would be:_______

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Suppose that joe sells pork in a purely competitive market. the market price of pork is 3 per pound, joes marginal revenue from selling the twelfth pound would be $3.

The marginal revenue for Joe from selling 12th pound is calculated as=

Market price of one pound= $3

In the context of economics, the marginal revenue or marginal cost or marginal profit corresponds to the respective value associated with one incremental or additional unit produced.

The average cost or average revenue is determined by dividing the respective total value with the number of units produced.

While marginal revenue can remain constant over a certain level of output, it follows from the law of diminishing returns and eventually slow down as the output level increases.

To know more about marginal revenue here:

https://brainly.com/question/13383966

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