Pete’s Electronics is a small company that produces 8 gigabyte flash drives in a perfectly competitive...
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 $10 each.
Complete the table below with the total revenue (TR), marginal revenue (MR), and average revenue (AR) for Pete’s Electronics.
Instructions: Enter your answers as a whole number.
Pete's Electronics Flash Drive Production Revenues
| Quantity (8GB flash drives) | TR (dollars) | MR (dollars) | AR (dollars) |
| 10 | $ | $ | $ |
| 25 | |||
| 40 | |||
| 55 | |||
| 70 | |||
| 85 |
Homework Answers
Answer
TR=P*Q
TR(10)=10*8=80
========
MR=P=AR for a perfectly competetive firm at all level of output.
| Quantity (8GB flash drives) | TR (dollars) | MR (dollars) | AR (dollars) |
| 10 | 80 | 8 | 8 |
| 25 | 200 | 8 | 8 |
| 40 | 320 | 8 | 8 |
| 55 | 440 | 8 | 8 |
| 70 | 560 | 8 | 8 |
| 85 | 680 | 8 | 8 |
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