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Q Given the following total-revenue function:


A) Derive the total, average, and marginal revenue schedules from Q=0 to Q=6 by 1's
B) On the same set of axes, plot the total , average, and marginal-revenue schedules of part (a)
c) Then draw on the same set of axes the marginal-revenue curve derived in part 1 and the marginal-cost curve derived in problem 7, and use them to describe why the best level of output of the firm is 3 units.
d) describe why your answer to part (a) is an ex of marginal analysis and optimizing behavior in general.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946203

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