A separate average revenue curve is not required when you have the demand curve for a firm. Explain.
What will be an ideal response?
Demand curve itself is the average revenue curve of a firm, because the product price is the average revenue that the firm receives.By definitionTR = P * QAR = (P * Q) / QAR = TR / Q = (P * Q) / Q = P
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Because of the popularity of the movie "Frozen," there is a large increase in demand for the merchandise, there is also many new companies producing items from backpacks, to dresses, to "Frozen" themed food items. How has this affected the market for "Frozen" merchandise?
A. Price increases and quantity is indeterminate. B. Quantity increases and price is indeterminate. C. Price decreases and quantity is indeterminate D. Quantity decreases and price is indeterminate.
Of all industrialized nations, real GDP per capita was the highest in Japan in 2014
Indicate whether the statement is true or false
In the long run, an improvement in a nation's standard of living is reflected by a: a. zero rate of population growth. b. high rate of economic growth. c. high rate of consumption
d. high rate of labor force growth.
Suppose that Thom experiences a greater loss in utility if he loses $50 than he would gain in utility if he wins $50 . This implies that Thom's
a. marginal utility diminishes as wealth rises, so he must be risk averse. b. marginal utility diminishes as wealth rises, but we can't tell from this if he is risk averse. c. marginal utility increases as wealth rises, so he must be risk averse. d. marginal utility increases as wealth rises, but we can't tell from this if he is risk averse.