Salvatore chapter 3given the following total revenue, Ask an Expert

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Salvatore Chapter 3

Given the following total revenue function: TR= 9Q-Q2

1a) Derive the total-, average-, and marginal-revenue schedules from Q= 0 to Q=6 by 1's. Note:

1. DQ9: Does maximum sales (revenue) equal maximum profit ( see figure 3-4)

2. Revised P1a: 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.

2. Revised P9: With the total-revenue schedule of problem 1 and the total cost schedule of Problem 7, show the profit maximizing level of output (profit=TR-TC)

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91525523

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