Total, average, marginal and incremental revenue concept
Explain the meaning of total, average, marginal and incremental revenue.
Expert
Total revenue implies the product of commodity price to the total quantity of outputs produced within a current business period. As well as average revenue is acquired by dividing the total revenue along with number of units sold. And also marginal revenue is the additional revenue to total revenue while an additional unit is generated.
Illustrates the Objectives of managerial economics?
When all firms in an industry charge similar price for their product, it: (w) proves the existence of a cartel. (x) proves the existence of price leadership. (y) indicates an oligopoly. (z) may be consistent along with either pure competition or oligo
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The arc elasticity of Plastibristle’s demand for labor in between point c and point d is approximately: (1) 0.375. (3) 0.545. (4) 0.833. (4) 1.200 (5) 2.000. Q : Tax when price elasticity of 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
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
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Illustrates the price and output decisions in Monopolistic Competition?
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