Petes Electronics is a small company that produces 8 gigabyte flash drives in a perfectly competitive market.
Question:
Pete’s Electronics is a small company that produces 8 gigabyte flash drives in a perfectly competitive market. The market price for 8 gigabyte flash drives is $15 each.
a. Complete the table below with the total revenue (TR), marginal revenue (MR), and average revenue (AR) for Pete’s Electronics.
Pete’s Electronics Flash Drive Revenue | |||
Quantity (8GB flash drives) | TR (dollars) | MR (dollars) | AR (dollars) |
10 | $ | $ | $ |
20 | |||
30 | |||
40 | |||
50 | |||
60 |
b. Draw the marginal revenue (MR) and average revenue (AR) curve for Pete’s Electronics for quantities 10 to 60.
Instructions :
Use the tool provided 'MR = AR' and plot only the endpoints such that the first point is for a quantity of 10 and the last point is for a quantity of 60.
Social Media Marketing A Strategic Approach
ISBN: 978-0538480871
1st edition
Authors: Melissa Barker, Donald I. Barker, Nicholas F. Bormann, Krista E. Neher