E. How do you calculate the following? i) total revenue ii) average revenue ii) marginal revenue

Question

Question

Answer 1

Answer #1

Total revenue is calculated by multiplying price and quantity sold.

TR=P*Q

Average revenue is calculated by dividing total revenue by quantity.

AR=TR\Q

Marginal revenue is the change in the total revenue by selling an additional unit of output.

MR= TRn- TRn-1

Answer 2

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