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22 January, 17:34

Calculate the total revenue if the firm produces 10 versus 9 units. then, calculate the marginal revenue of the 10th unit produced. the marginal revenue of the 10th unit produced is $41. calculate the total revenue if the firm produces 20 versus 19 units. then, calculate the marginal revenue of the 20th unit produced. the marginal revenue of the 20th unit produced is $11.

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  1. 22 January, 19:11
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    a. Total revenue = Quntity sold * Price per unit

    marginal Revenue = TRn - TRn-1

    Marginal revenue by definition is the additional income received from the selling of additional unit.

    therefore, marginal revenue equal the price of additional unit sold by the firm.

    if marginal revenue of 10th unit produced = $41, it means the price per unit equal $41

    Total revenue of 10 units = $41 * 10 = $410

    Total revenue of 9 units = $41*9 = $369

    b. Marginal revenue of 20th product produced = $11

    Therefore, price per unit = $11

    Total revenue of 20 units produced = $11*20 = $220
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