Description of this paper

ECO Problem




Question;Given the price (P) and the output (Q) data in the following table, calculate the related total revenue (TR), marginal revenue (MR), and average revenue (AR) figures. At what output is revenue maximized?Q P TR MR AR0 $801 702 603 504 405 306 207 108 0Given the above information, graph the total revenue curve. When the price is $60 will you increase revenue by raising or lowering your price? Why might you not want to take this action even though revenue will increase (think profit maximization)?


Paper#57429 | Written in 18-Jul-2015

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