Fill in the price and the total, marginal, and average revenue Vesoro earns when it produces 0, 1, 2, or 3 boxes each day. Quantity Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars) (Dollars per box) 0 0 - 1 2 3 The demand curve that Vesoro faces is identical to which of its other curves? Check all that apply. Average revenue curve Marginal revenue curve Marginal cost curve Supply curve

Question

Business

Lane Fletcher

22 July, 06:31

Fill in the price and the total, marginal, and average revenue Vesoro earns when it produces 0, 1, 2, or 3 boxes each day. Quantity Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars) (Dollars per box) 0 0 - 1 2 3 The demand curve that Vesoro faces is identical to which of its other curves? Check all that apply. Average revenue curve Marginal revenue curve Marginal cost curve Supply curve

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Answers (1)

Know the Answer?

Corey Hebert · Answer 1

Demand Curve is same as Average Revenue (AR) curve.

Total Revenue, Marginal Revenue, Average Revenue have been solved below

Explanation:

The demand curve that Vesoro faces is identical to 'Average Revenue' curve. As, AR curve represents average price (P) buyers are willing to pay for a quantity of a commodity.

Average Revenue (AR) is total revenue (TR) per unit quantity. AR = TR / Q. Total Revenue is the total revenue for all quantities, TR = P x Q

So, Average Revenue = (P x Q) / Q = P ie price. This states that average price willingness to pay is same as AR, demand curve is AR curve.

Assuming perfect competition constant price = $5

Q P TR = PxQ AR = TR / Q MR (marginal revenue = TRn - TRn-1)

0 5 0 0 _

1 5 5 5 5

2 5 10 5 5

3 5 15 5 5