Ask Question
8 April, 08:32

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

+4
Answers (1)
  1. 8 April, 08:45
    0
    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
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “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 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers