Question

Table 14-2 The following table presents cost and revenue information for Sopers Port Vineyard. COSTS Total Cost 100 Marginal
29. Refer to Table 14-2. Consumers are willing to pay $120 per unit of port wine. What is the average revenue when 4 units ar
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Answer #1

The correct option is b.) $120

Total Revenue = Price × Quantity

= 120×4

= $480

Average Revenue = Total Revenue / Quantity

= 480/4

=$120

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