Q19 of 27 Page 66

Compute the total revenue, marginal revenue and average revenue schedules in the following table. Market price of each unit of the good is Rs 10.



















































Quantity Sold



TR



MR



AR



0






1






2






3






4






5






6































































Quantity Sold



Price



TR



MR



AR



0



10



0



0



0



1



10



10



10



10



2



10



20



10



10



3



10



30



10



10



4



10



40



10



10



5



10



50



10



10



6



10



60



10



10




More from this chapter

All 27 →
17

How does an increase in the number of firms in a market affect the market supply curve?

 18

What does the price elasticity of supply mean? How do we measure it?

 20

The following table shows the total revenue and total cost schedules of a competitive firm. Calculate the profit at each output level. Determine also the market price of the good.

























































Quantity Sold



TR (Rs)



TC (Rs)



Profit



0



0



5




1



5



7




2



10



10




3



15



12




4



20



15




5



25



23




6



30



33




7



35



40



 21

The following table shows the total cost schedule of a competitive firm. It is given that the price of the good is Rs 10. Calculate the profit at each output level. Find the profit maximising level of output.



















































Output



TC (Rs)



0



5



1



15



2



22



3



27



4



31



5



38



6



49



7



63



8



81



9



101



10



123