revenue marginal total and average

Question 1

what is revenue

Answer 1

-money made from businesses

Question 2

equation for average total and marginal revenue

Answer 2

-total revenue: price x quantity
-average revenue: total revenue over quantity
-marginal revenue: change in total revenue/q

Question 3

what is perfect competition and graph

Answer 3

-many buyers and sellers
-homogenous products
-firms are price takers
-no barriers to entry and exit
-perfect info

-price/revenue and quantity on axis
-average and marginal horizonatla
-total upward

Question 4

imperfect competition and graph

Answer 4

-few buyers and sellers
-differentiated goods
-firms are price makers
-high barriers
-imperfect info

-average revenue further steep = d
-marginal revenue goes through zero and half as steep on one graph
-total revenue: hits peak at MR=0 and negative parabola