Derive the total-revenue average-revenue and, Ask an Expert

Economics

For which type of good would you expect consumers to spend more time on comparative shopping, or shopping for lower prices?
Problems
Given the following total revenue function:
TR = 9Q-Q2

a. Derive the total-revenue, average-revenue, and marginal-revenue schedules from Q = 0 to Q = 4 by 1s.
Average revenue (AR) = total revenue (TR) / Q
Marginal revenue (MR) = change in total revenue / change in Q
For ex Q TR AR MR
2 14 7
3 18 6 4

b. On the same set of axes, plot the total-, average-, and marginal-revenue schedules of part (a).

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M950036

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