Question

economics practice worksheet: finding marginal, total, and average revenue
name:____ date:__ period:____
part i - key concepts (multiple choice)

1. which formula correctly defines total revenue (tr)?

a. tr = fc + vc b. tr = p × q c. tr = δtr ÷ δq d. tr = ar × mr

1. average revenue (ar) represents:

a. profit per unit b. revenue per unit c. cost per unit d. marginal change in revenue

1. in most markets, ar equals:

a. profit b. price c. total cost d. marginal cost

1. the formula for marginal revenue (mr) is:

a. mr = p × q b. mr = tr ÷ q c. mr = δtr ÷ δq d. mr = ar × tr

1. in a perfectly competitive market, which relationship is true?

a. mr = ar = price b. mr < ar c. ar < price d. mr = 0
part ii - calculation practice

1. a firm sells 200 units at $5 each. find total revenue (tr).
2. if tr = $1,000 and quantity = 200, find average revenue (ar).
3. tr increases from $1,000 to $1,200 as quantity rises from 200 to 250. find marginal revenue (mr).
4. a company sells 3 units at $10, $9, and $8 respectively. find tr and mr for the 3rd unit.
5. if tr = $400 at 10 units and $460 at 13 units, calculate mr.

part iii - table completion
use the data to complete the table below.
quantity (q) price (p) total revenue (tr) marginal revenue (mr) average revenue (ar)
1 10
2 9
3 8
4 7

1. complete tr, mr, and ar for each quantity.
2. describe how mr changes as quantity increases.

part iv - conceptual questions

1. explain why marginal revenue usually decreases in imperfect competition.
2. what does it mean when mr = 0?

Explanation:

Step1: 计算总收益（TR）

根据公式 \(TR = P\times Q\)，当 \(P = 5\)，\(Q = 200\) 时，\(TR=5\times200\)。

Step2: 计算结果

\(5\times200 = 1000\)。

Answer:

\(1000\)