Fill in the price and the total, marginal, and average revenue Vesoro earns when it produces 0, 1, 2, or 3 boxes each day. Quantity Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars) (Dollars per box) 0 0 - 1 2 3 The demand curve that Vesoro faces is identical to which of its other curves? Check all that apply. Average revenue curve Marginal revenue curve Marginal cost curve Supply curve

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22 May, 07:06

Fill in the price and the total, marginal, and average revenue Vesoro earns when it produces 0, 1, 2, or 3 boxes each day. Quantity Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars) (Dollars per box) 0 0 - 1 2 3 The demand curve that Vesoro faces is identical to which of its other curves? Check all that apply. Average revenue curve Marginal revenue curve Marginal cost curve Supply curve

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Answers (1)

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Melina Thornton · Answer 1

Demand Curve is same as Average Revenue (AR) curve.

Total Revenue, Marginal Revenue, Average Revenue have been solved below

Explanation:

The demand curve that Vesoro faces is identical to 'Average Revenue' curve. As, AR curve represents average price (P) buyers are willing to pay for a quantity of a commodity.

Average Revenue (AR) is total revenue (TR) per unit quantity. AR = TR / Q. Total Revenue is the total revenue for all quantities, TR = P x Q

So, Average Revenue = (P x Q) / Q = P ie price. This states that average price willingness to pay is same as AR, demand curve is AR curve.

Assuming perfect competition constant price = $5

Q P TR = PxQ AR = TR / Q MR (marginal revenue = TRn - TRn-1)

0 5 0 0 _

1 5 5 5 5

2 5 10 5 5

3 5 15 5 5