The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows
| Output (units) | 50 | 60 | 70 | 80 | 90 |
| Total revenue (TR) $ | 85 | 102 | 119 | 136 | 153 |
A. $153.00
B. $17.00
C. $1.70
D. $O.80
Correct Answer:
Option C = $1.70
Explanation
Marginal revenue = the change in total revenue divided by the change in total output quantity.
MR = 17/10 = $1.7
300 Level Estate Management and Valuation Department exam questions and detailed answers. Download the answers…
200 Level Estate Management and Valuation Department exam questions and detailed answers. Download the answers…
200 Level Estate Management and Valuation Department exam questions and detailed answers. Download the answers…
200 Level Estate Management and Valuation Department exam questions and detailed answers. Download the answers…
200 Level Estate Management and Valuation Department exam questions and detailed answers. Download the answers…
200 Level Estate Management and Valuation Department exam questions and detailed answers. Download the answers…