Relation between Average Revenue, Total and Marginal Revenue
Illustrates the relation between Average Revenue, Total Revenue and Marginal Revenue?
Expert
The relationship between Average Revenue, Total Revenue and Marginal Revenue can be understood with the assist of the illustrated table:
The study of the given table reveals as follows:
1. As long as Average Revenue is falling, Marginal Revenue will be less than Average Revenue
2. Marginal Revenue falls more steeply than Average Revenue
3. Total Revenue will be rising as long as Marginal Revenue is positive
4. Where Marginal Revenue is negative, Total Revenue will be falling
5. Total Revenue will be maximization at the point where Marginal Revenue is Zero.
The relation in between elasticity of demand and Total Revenue can be summarized as given below:
Help to achive the other objectives of the firm like industry leadership,expansion implementation of policies
When the substitution effect of a higher wage rate is more powerful than the income effect, in that case the: (1) supply curve of labor will be positively sloped. (2) demand for leisure increases as income rises. (3) human capital eff
When the ratio of the price elasticity of demand of a taxed good associate to its price elasticity of supply increases, tax is: (w) revenue will fall when tax rates are raised. (x) hikes will cause buyer's total outla
Illustrates the fundamental characters of human existence given by Lionel Robbins?
What are the Methods of Demand Forecasting?
Explain the term Production function.
States the Extrapolation statistical Method of Demand Forecasting?
An equilibrium point on the resource demand curve of a competitive firm operating within a competitive labor market would indicate equality among the resource price and: (w) demand elasticity. (x) quantity demanded. (y) VMP of the resource. (z) output
Illustrates the types of Demand Forecasting?
Illustrates the differences between Sunk Cost and Incremental cost?
18,76,764
1944643 Asked
3,689
Active Tutors
1451698
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!