Explain the differences between total revenue, average revenue, and marginal revenue
What will be an ideal response?
Total revenue equals price × quantity; average revenue = (total revenue)/quantity (and also equals price); marginal revenue = (change in total revenue)/(change in quantity).
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Which of the following activities is most likely to be counted in GDP?
A. Gail buys paper and crayons to donate to poor children in need of school supplies. B. Fran volunteers at the local veteran's hospital twice a month. C. Stu gave $5 to a homeless man he met in the park. D. Bud works hard five hours each week to make sure that his lawn always looks nice.
An increase in the interest rate causes a decrease in the future value of $1,000 that you have in a bank account today
a. True b. False Indicate whether the statement is true or false
Property taxes are
A. used primarily by states to finance state welfare programs. B. the primary source of Federal revenue sharing funds. C. the largest source of tax revenue for local governments. D. collected primarily at the Federal level.
The balanced-budget multiplier is equal to
A. the percentage increase in taxes. B. the percentage increase in government expenditures. C. one. D. the reciprocal of the increase in government expenditures.