13.Total revenue is a firm's: A) ratio of revenue to quantity. B) difference between revenue and...
13.Total revenue is a firm's: A) ratio of revenue to quantity. B) difference between revenue and cost. C) total output times the price at which it sells that output. D) change in revenue resulting from a unit change in output.
14. The slope of the total cost curve is: A) marginal revenue. B) constant under perfect competition. C) always negative. D) marginal cost
Homework Answers
13. Option C.
- Total revenue can be defined as the total receipts of a firm when it sells the given output at a certain price level.
- In other words, it is the total output times the price at which it sells that output.
14. Option D.
- The slope of the total cost curve is the marginal cost.
- This is because the costs that a firm incurs when it increases its production unit's is matched to the total cost the firm incurs which causes the slope to be equal to the marginal cost.
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13.Total revenue is a firm's: A) ratio of revenue to quantity.
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CO201-0088070, Microeconomics, FA-2018 Earn#3: Based onB&M Chapters 8, 9 &10 December 2018 Point Seore 20 Name: (print) Question 1 In economic t A. Maximize sales revenue. B. Maximize market share. C. Maximize D. Maximize profit. E. Maximize sales volume. benefits it provides to its customers. Answer Question 2 Marginal cost equals: A. Total cost divided by total quantity. B. The slope of the demand curve under perfect competition. C. The slope of the total product curve when the later is...
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The total revenue curve reaches its maximum at a quantity of(200, 100, 300, 400) air conditioners per year. At
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