Homework Answers
Answer (a)
We have to to use following formula to fill the table :
TR = P×Q
AR = TR/Q
MR = 
TR/Q
| Q | P | TR | AR | MR |
|---|---|---|---|---|
|
0 |
$4.50 | 0 | — | |
| 1 | $4 | $4 | $4 | $4 |
| 2 | $3.50 | $7 | $3.50 | $3 |
| 3 | $3 | $9 | $3 | $2 |
| 4 | $2.50 | $10 | $2.50 | $1 |
| 5 | $2 | $10 | $2 | 0 |
| 6 | $1.50 | $9 | $1.50 | -$1 |
Answer (b) :-
In case of a monopoly and a competitive firm Price is equal to Average Revenue (P = AR), because we know that For Q units of output at price P, TR = PQ and average revenue is the average of TR i.e, TR/Q = PQ/Q = P. Therefore P=AR
Answer (C)
In case of a monopoly marginal revenue is less than price (MR < P), while in case of a competitive firm Marginal revenue is equal to price (MR=P).
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