When total revenue increases from $18,000 to $26,000 when quantity increases from eight to ten, marginal revenue is equal to
Assess marginal revenue
Marginal Cost and Marginal Revenues
Given the following total-revenue function:
A)Derive the total, average, and marginal revenue schedules from Q=0 to Q=6 by 1's
B)On the same set of axes, plot the total , average, and marginal-revenue schedules of part (a)
c) Then draw on the same set of axes the marginal-revenue curve derived in part 1 and the marginal-cost curve derived in problem 2, and use them to explain why the best level of output of the firm is 3 units.
d) Explain why your answer to part (a) is an example of marginal analysis and optimizing behavior in general.
Given the following total-cost schedule:
Q 0 1 2 3 4
TC 1 12 14 15 20
Derive the average and marginal-cost schedule