Table 3 shows how the price affects the number of shirts a shop sells in a week.
| Price of shirts | Number of shirts sold |
| £40 | 10 |
| £36 | 11 |
| £33 | 12 |
The marginal revenue of the 12th shirt sold is
A firm faces a downward sloping demand curve. The firm discovers that any increase or decrease from its current level of output leads to a fall in total revenue. This means that at its current output marginal revenue is
Also involves Price determination and market equilibrium
There is a reduction in the market demand for the product supplied by firms operating in a perfectly competitive industry.
All other things being equal, which one of the following will happen to firms’ average and marginal revenue as a result of this change?
Figure 3 shows a firm’s total revenue (TR) curve.
Which one of the following combinations, A, B, C or D, describes how the firm’s average revenue and marginal revenue will change as the firm expands its output?
Figure 4 shows a firm’s demand (D) curve and its marginal revenue (MR) curve for good X. The firm initially sells OQ 1 units of X per day at a price of OP 1.
If the firm increases its price by 10%
A monopolistically competitive firm’s demand curve is
Memes
Laugh now. Cry in the exam hall later. Then come back and do a past paper.
Mum 💖
did you revise economics today?? 🥰
the opportunity cost was too high
sounds expensive 😬
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