Homework Help: Microeconomics

Posted by G on Monday, October 6, 2008 at 11:46am.

Am I calculating the Marginal Revenue when you get the quantity for the price of $6,000.00? I get zero?
Is this right?

Quantity=Q
Price=P
Total Revenue-TR
Fixed Cost=FC
Margin Cost-MC
Marginal Renenue=MR

___P_____Q______TR________MC____MR
$8,000|5,000|40,000,000|$1,000|$8,000
$7,000|6,000|42,000,000|$1,000|$2,000
$6,000|7,000|42,000,000|$1,000|0
$5,000|8,000|40,000,000|$1,000|$2,000

Microeconomics - economyst, Monday, October 6, 2008 at 2:59pm
I believe you are mostly right. I dont see where the first MR value of $8000 comes from. (the first MR value should be undeterminable.) The change (MR) in TR from going from 5000Q to 6000Q is 2000, (correct in your table). The MR going from 6000Q to 7000Q is 0 (also correct in your table). The MR going from 7000 to 8000 is -2000 (wrong sign in your MR column).

Answer this Question

Related Questions

college/microeconomics - Just needing to know if I have done the work correctly ...
Microeconomics: - Just needing to know if I have done the work correctly with ...
Economics - 50. In both monopolistic competition and non-price-discriminating ...
Microeconomics - The following table indicates the prices various buyers are ...
microeconomics, please help me solve . - The majority of the world’s ...
college/microeconomics - The following table indicates the prices various buyers...
ECONOMICS - The following relations describe the supply and demand for posters. ...
Microeconomics - Consider Good E, which, when sold in a particular country, has ...
econ - P=15-Q/1000. Suppose there are two firms in this market. Compute ...
Micro ECONOMICS - The majority of the world’s diamonds comes from Country A...

For Further Reading

First Name:
School Subject:
Answer: