A. Given the output (Q) and price (P) data in the following table, calculate total revenue (TR)

Question:

A. Given the output (Q) and price (P) data in the following table, calculate total revenue (TR) and marginal revenue (MR):

B. Graph these data using "dollars" on the vertical axis and "quantity" on the horizontal axis. At what output level is revenue maximized?
C. Why is marginal revenue less than average revenue at each pricelevel?

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Managerial Economics

ISBN: 978-0324588866

12th edition

Authors: Mark Hirschey

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Question Posted: Feb 13, 2015 09:47 AM

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A. Given the output (Q) and price (P) data in the following table, calculate total revenue (TR)

Question:

Total Marginal Revenue Revenue Quantity Price TR-PXQ MR TR/Q 0 $10 2 3 4 4 10 0

Step by Step Answer:

A Total Revenue Marginal Revenue Quantity Price TRPQ MRTRQ 0 10 0 1 9 9 9 2 8 16 7 3 7 21 5 4 6 ...View the full answer

Managerial Economics

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