Question

Calculate 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 | | | |

Answer 1

| Quantity Sold | TR = P x Q | MR = TRn - TRn - 1 | AR = 10 |
| 0 | - | - | - |
| 1 | 10 x 1 = 10 | 10 - 0 = 10 | 10 |
| 2 | 10 x 2 = 20 | 20 - 10 = 10 | 10 |
| 3 | 10 x 3 = 30 | 30 - 20 = 10 | 10 |
| 4 | 10 x 4 = 40 | 40 - 30 = 10 | 10 |
| 5 | 10 x 5 = 50 | 50 -40 =10 | 10 |
| 6 | 10 x 6 = 60 | 60 -50 =10 | 10 |