Question

Econ 121, Fall 2019,6776 (Online) Homework: HW Ch. 13 Score: 0 of 1 pt 29 of 40 (27 complete) Concept: Calculate Total/Marg Revenue Suppose a monopolistically competitive firm sells a particular brand of jeans. The quantities of jeans sold per day at various prices are shown in the table below Fill in total revenue and marginal revenue in the table below (Enter your responses as integers.) OutputPrice Total Revenue Marginal Revenue $110.00 105.00 100.00 95.00 90.00 85.00 Enter your answer in the edit fields and then click Check Answer

Answer 1

Output	Price in ($'s)	Total revenue in ($'s)	Marginal revenue in ($'s)
0	110	0
1	105	105	105
2	100	200	95
3	95	285	85
4	90	360	75
5	85	425	65
Total revenue	Output*Price
The marginal revenue is the additional revenue from
one extra unit of output.
For example, when output moves from 2 units to 3 units,
the total revenue increases from 200 to 285.
The marginal revenue in this case is the additional revenue
from one extra unit sold that is (285 - 200) 85.