Question
In: Economics
What is total revenue? What is marginal revenue? Describe the economic intuition of these concepts for...
What is total revenue? What is marginal revenue? Describe the economic intuition of these concepts for energy markets.
Solutions
Expert Solution
Total revenue- Total revenue is the total revenue a seller can obtain by sale of goods or services to customers. It can be written as Price × Quantity, which is the price of the goods multiplied by the quantity of the sold goods.
Answer Marginal revenue- it is addition in total revenue by selling one more or less unit of output.
Formula = TRn- TRn-1
Rahul Sunny answered 2 years agoRelated Solutions
The difference between total revenue and total cost is: marginal revenue. nominal revenue. average revenue. economic...
The difference between total revenue and total cost is:
marginal revenue.
nominal revenue.
average revenue.
economic profit or loss.
Total revenue is a firm's:
difference between revenue and cost.
ratio of revenue to quantity.
change in revenue resulting from a unit change in output.
total output times the price of that output
marginal revenue equals marginal cost to maximize total revenue
marginal revenue equals marginal cost to maximize total
revenue
The following equations describe a firm’s demand, marginal revenue, total cost, & marginal cost: Demand: P...
The following equations describe a firm’s demand,
marginal revenue, total cost, & marginal cost:
Demand: P = 1,000 – 10Q
Total Cost: TC = 500 + 10Q + Q^2
Marginal Revenue: MR = 1,000 – 20Q
Marginal Cost: MC = 10 + 2Q
a. What level of output should be produced to maximize
profits?
b. What is the market price?
c. How much profit will be earned?
d. The firm sells cereal and competes with other firms selling
slightly differentiated...
Complete the following cost and revenue schedule. Price Quantity Demanded Total Revenue Marginal Revenue Total...
Complete the following cost and revenue schedule.
Price
Quantity Demanded
Total Revenue
Marginal Revenue
Total Cost
Marginal Cost
Average Total Cost
200
0
240
180
10
360
160
20
500
140
30
660
120
40
840
100
50
1040
80
60
1260
60
70
1500
40
80
1760
20
90
2040
a. At what rate of output are profits maximized within this
range?
b. What are total profits at that output rate?
Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost Fixed Costs ATC Average Fixed Costs Average...
Quantity
Total Revenue
Marginal Revenue
Total Cost
Marginal Cost
Fixed Costs
ATC
Average Fixed Costs
Average Variable Costs
0
0
-
10
-
10
-
-
-
1
8
24
14
24
2
16
34
10
17
3
24
42
8
14
4
32
49
7
12.25
5
40
57
8
11.4
6
48
67
10
11.17
7
56
81
14
11.57
8
64
99
18
12.38
9
72
123
24
13.67
1b. At a price of $14, what is...
Question 1 Output total cost marginal cost fixed cost average cost Total revenue average revenue Marginal...
Question 1
Output
total cost
marginal cost
fixed cost
average cost
Total revenue
average revenue
Marginal
revenue
0
10
0
1
16
20
2
26
40
3
40
60
4
60
80
5
88
100
6
120
120
A) Complete the missing data on the table
B) What is the selling price of a laptop case explain your
answer
c) What is the profit maximizing level of output for this firm
explain your answer
d) create a graph using three...
Why does marginal revenue decrease when total revenue increases? I understand how to calculate marginal revenue...
Why does marginal revenue decrease when total revenue increases?
I understand how to calculate marginal revenue and total revenue
and I've looked at images of the two curves but I don't understand
the reason behind what's happening.
What is marginal revenue? What is marginal cost? Why is a monopolist's marginal revenue less than...
What is marginal revenue?
What is marginal cost?
Why is a monopolist's marginal revenue less than the price it
charges for its product? d) Explain why marginal revenue and
marginal cost are important determinants of a monopolist's profit
maximizing price and output. As part of your answer, explain the
process in a monopolistic market at an output below the profit
maximizing output, and at the output above, and why the profit
maximizing output is eventually chosen.
What is marginal revenue? What is marginal cost? Why is a monopolist's marginal revenue less than...
What is marginal revenue?
What is marginal cost?
Why is a monopolist's marginal revenue less than the price it
charges for its product? d) Explain why marginal revenue and
marginal cost are important determinants of a monopolist's profit
maximizing price and output. As part of your answer, explain the
process in a monopolistic market at an output below the profit
maximizing output, and at the output above, and why the profit
maximizing output is eventually chosen.
Define and explain the relationship between total revenue, average revenue, and marginal revenue for a monopolist....
Define and explain the relationship between total revenue,
average revenue, and marginal revenue for a monopolist. What is
monopoly profit? Should a monopolist produce quantities of product
greater than that which would maximize profits?
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