Derive total average and marginal revenue schedules. , Ask an Expert

Economics

Q. Provided following total-revenue function:
TR=9Q-Q(2)

A) Derive total, average and marginal revenue schedules from Q=0 to Q=6 by 1's

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

c) Then draw on same set of axes marginal-revenue curve derived in part 1 and marginal-cost curve derived in problem 7 and use m to explain why best level of output of firm is 3 units.

d) Explain why your answer to part (a) is an example of marginal analysis and optimizing behaviour in general.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9306155

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