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Solution Library
Problem - Total Revenue, Average Revenue, Marginal Revenue
Question
You are given the following data about two firms:
FIRM A
|
Quantity |
0 |
|
1 |
|
2 |
|
3 |
|
4 |
|
5 |
|
6 |
|
Total revenue ($) |
0 |
10 |
20 |
30 |
40 |
50 |
60 |
||||||
|
Average revenue ($) |
0 |
10 |
10 |
10 |
10 |
10 |
10 |
||||||
|
Marginal revenue ($) |
10 |
10 |
10 |
10 |
10 |
10 |
|||||||
|
Total cost ($) |
30 |
42 |
50 |
60 |
76 |
100 |
140 |
||||||
|
Marginal cost ($) |
12 |
8 |
10 |
16 |
24 |
40 |
|||||||
|
Average cost ($) |
∞ |
|
42 |
|
25 |
|
20 |
|
19 |
|
20 |
|
23.3333333 |
FIRM B
|
Quantity |
0 |
|
1 |
|
2 |
|
3 |
|
4 |
|
5 |
|
6 |
|
Total cost ($) |
100 |
134 |
154 |
177 |
216 |
266 |
366 |
||||||
|
Average cost ($) |
∞ |
134 |
77 |
59 |
54 |
53.2 |
61 |
||||||
|
Marginal cost ($) |
34 |
20 |
23 |
39 |
50 |
100 |
|||||||
|
Price ($) |
140 |
130 |
120 |
110 |
100 |
90 |
80 |
||||||
|
Marginal revenue ($) |
130 |
110 |
90 |
70 |
50 |
30 |
|||||||
|
Total revenue ($) |
0 |
|
130 |
|
240 |
|
330 |
|
400 |
|
450 |
|
480 |
(a) Complete the two tables above.
(b) Are these firms operating in the short or the long run? (1 mark) Firm A: short run / long run
Firm B: short run / long run
(c) Are these firms operating under perfect or imperfect competition? Firm A:perfect / imperfect
Firm B:perfect / imperfect
(d) What level of output will these firms produce in the short run?
Firm A:
Firm B:
(e) How would you describe their profit positions?
Firm A:
Firm B:
Summary:
The question is about two firms A and B which are operating in the same market and are rivals. Their costs and revenues are given. The level of output and profit margin has been determined.
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