How to figure out total revenue
[DOC File]Even though we assume that all market demand curves have ...
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Quick Quizzes. 1. When a competitive firm doubles the amount it sells, the price remains the same, so its total revenue doubles. 2. The price faced by a profit-maximizing firm is equal to its marginal cost because if price were above marginal cost, the firm could increase profits by increasing output, while if price were below marginal cost, the firm could increase profits by decreasing output.
[DOC File]Microeconomics, 7e (Pindyck/Rubinfeld)
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C) change total revenue the same amount as if there were no network externalities. D) not change total revenue at all. Answer: B. Diff: 1. Section: 4.5. 112) When the snob effect exists, a change in price is likely to . A) change total revenue less than if there were no network externalities.
How to Calculate Total Sales Revenue in Economics | Chron.com
Marginal revenue is given by the slope of the total revenue curve: MR = 3,000 - 2,000P. Equating marginal revenue and marginal cost to maximize profits: 3,000 - 2,000P = 0, or P = $1.50. Total revenue is equal to price time quantity, or: TR = $20,250. Total cost is equal to fixed costs of $5,000.
[DOC File]Monopoly2 Manual
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____26.(Figure 59-2: Cost Curves and Profits) The market for corn is perfectly competitive, and an individual corn farmer faces the cost curves shown in the figure. If the price of a bushel of corn in the market is $4, then the farmer will produce _____ of corn and earn an economic _____ equal to _____.
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For example, the total variable cost of producing 120 surfboards a week is the total cost of the workers employed, which is 3 workers at $500 a week, which equals $1,500. Total fixed cost is $1,000, so the total cost of producing 120 surfboards a week is $2,500. Figure 11.3 shows these total cost curves.
[DOC File]Chapter 14: SOLUTIONS TO TEXT PROBLEMS:
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D) difference between total revenue and total variable costs. E) difference between total revenue and total fixed costs. Answer: A. Diff: 3. Section: 8.7. 79) Consider the following statements when answering this question . I. If the cost of producing each unit of output falls $5, …
[DOC File]Unit 2B Review Answers
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In order to do a good job you will have to figure out how the firm can minimize its costs for any given level of output, how its costs change as its level of production changes, how its revenues change as its production changes, and how profits are affected by cost and revenue changes. There are not many monopoly markets, especially ones with ...
[DOC File]Microeconomics, 7e (Pindyck/Rubinfeld)
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____51.(Figure 62-1: Demand, Revenue, and Cost Curves) The figure shows the demand, marginal revenue, marginal cost, and average total cost curves for …
[DOC File]CHAPTER 11
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In the diagram, total revenue is equal to the area of the rectangle bounded by $6 on the vertical axis and 45 units on the horizontal axis. When prices are reduced from $6 to $5 the amount purchased goes up to 65 units and total revenue goes up to $325.
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The farmers’ complaint that their total revenue has declined is correct if demand is elastic. With elastic demand, the percentage decline in quantity would exceed the percentage rise in price, so total revenue would decline. If the government purchases all the surplus cheese at the price floor, producers benefit and taxpayers lose.
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