Explain the differences between total revenue, average revenue, and marginal revenue
What will be an ideal response?
Total revenue equals price × quantity; average revenue = (total revenue)/quantity (and also equals price); marginal revenue = (change in total revenue)/(change in quantity).
You might also like to view...
If Bonnie can produce either 10 hats or 20 scarves in a month, and Phil can produce either 10 hats or 5 scarves in a month, then
A) Bonnie is equally efficient at producing hats, compared to Phil. B) Bonnie is more efficient at producing hats, compared to Phil. C) Bonnie is more efficient at producing scarves, compared to Phil. D) Phil is more efficient at producing scarves, compared to Bonnie.
Recent studies on the effectiveness of fiscal policy tend to suggest that increases in government spending are more effective than tax cuts in stimulating real GDP
a. True b. False Indicate whether the statement is true or false