Question

Total revenue equals Group of answer choices the area between the demand curve and the marginal...

Total revenue equals

Group of answer choices

the area between the demand curve and the marginal revenue curve

marginal revenue times quantity sold

price times quantity sold

total cost minus profit

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Total Revenue - It refers to the total receipts from the sale of a given quantity of a good.

Total Revenue = Price x Quantity

Option 3rd is correct

1) The area between the demand curve and the marginal revenue curve does not represent the total revenue

2) Marginal revenue is the change in total revenue when additional units are sold

Marginal revenue = Change in total revenue / change in output

3) Profit = Total Revenue - Total Cost

So Total Revenue = Profit + Total Cost

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
21. A monopolist's demand curve is the same as the marginal revenue curve for the product....
21. A monopolist's demand curve is the same as the marginal revenue curve for the product. Group of answer choices True False In the long-run equilibrium, both the perfectly competitive firm and the monopolistically competitive firm produce the output at which MR = MC and charge a price equal to the average total cost of production. Group of answer choices True False
A monopolist faces the following demand curve, marginal revenue curve, total cost curve and marginal cost...
A monopolist faces the following demand curve, marginal revenue curve, total cost curve and marginal cost curve for its product: Q = 200 - 2P MR = 100 - Q    TC = 5Q MC = 5    a. What is the profit maximizing level of output? b. What is the profit maximizing price? c. How much profit does the monopolist earn?
10. The demand curve of a perfectly competitive industry is horizontal. Group of answer choices True...
10. The demand curve of a perfectly competitive industry is horizontal. Group of answer choices True False 11. A firm decided to increase its price by 10%. It noticed that its sales (measured in number of units) decreased by 8%. The firm’s price elasticity of demand is _______ (in absolute value) and this means the demand for the good is _______. Group of answer choices 0.8, inelastic 1.25, inelastic 1.25, elastic 0.8, elastic 12. In the sales maximization model of...
34. When total profit is maximized, marginal profit is equal to zero and marginal revenue is...
34. When total profit is maximized, marginal profit is equal to zero and marginal revenue is equal to marginal cost Group of answer choices True False 35. An increase in supply (only) results in a higher equilibrium price and a higher equilibrium quantity. Group of answer choices True False 36. At prices below the equilibrium price, quantity demanded is larger than quantity supplied, there is a shortage, and there is a pressure for price to increase. Group of answer choices...
Barbara is a producer in a monopoly industry. Her demand curve, total revenue curve, marginal revenue...
Barbara is a producer in a monopoly industry. Her demand curve, total revenue curve, marginal revenue curve, and total cost curve are given as follows Q = 160 – 4P TR – 40Q – 0.25Q² MR = 40 – 0.5Q TC = 4Q MC = 4 Answer the following three questions: (You don't need to show your work, just type your answer as a number) a) What is the optimum output for Barbara? b) What is the market price? c)...
The following equations describe the monopolist’s demand, marginal revenue, total cost and marginal cost: Demand: Qd...
The following equations describe the monopolist’s demand, marginal revenue, total cost and marginal cost: Demand: Qd = 12 – 0.25P | Marginal Revenue: MR = 48 – 8Q | Total Cost: TC = 2Q^2 | Marginal Cost: MC = 4Q Where Q is quantity and P is the price measured in dollars. a) What is the profit maximizing monopoly’s quantity and price? b) At that point, calculate the price elasticity of demand. What does the value imply? c) Does this...
8. The demand curve of a monopolistically competitive firm is _______ elastic than the demand curve...
8. The demand curve of a monopolistically competitive firm is _______ elastic than the demand curve of a monopoly because the monopolistically competitive firm _______. Group of answer choices more, has competitors more, is a price maker more, is monitored more closely by the government less, only a few competitors less, exists in an environment without good information 10. Which of the following is not correct for a perfectly competitive firm? Group of answer choices price equals marginal revenue average...
Graph the marginal cost curve, average variable cost curve, marginal revenue curve ,average total revenue curve,...
Graph the marginal cost curve, average variable cost curve, marginal revenue curve ,average total revenue curve, profit, and quantity produced for a firm that has these 3 characteristics 1. In a competitive market 2. Sell an ordinary good 3. 2 Input Cobb Douglas in which one variable is fixed in the short run
(a) Explain the difference between average, total, and marginal revenue? What is the shape of the...
(a) Explain the difference between average, total, and marginal revenue? What is the shape of the total and marginal revenue curves for the individual perfectly competitive firm? [5marks] (b) Why does price equal marginal revenue for the perfectly competitive firm? What is the relationship to the demand curve for the firm? [5marks] (c) Why is the level of output at which marginal revenue equals marginal cost the profitmaximizing output? [5marks] (d) What conditions are necessary to determine if the purely...
Break-even is the number of units at which a. total revenue equals price times quantity b....
Break-even is the number of units at which a. total revenue equals price times quantity b. total revenue equals total variable cost c. total revenue equals total fixed cost d. total profit equals total cost e. total revenue equals total cost
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT