Question

AR=60-3Q, Find MR curve

Answer 1

Answer:

Total revenue (TR): This is the total income a firm receives. This will equal price × quantity.

Average revenue (AR) = TR / Q.

Marginal revenue (MR) = the extra revenue gained from selling an extra unit of a good.

Profit = Total revenue (TR) – total costs (TC) or (AR – AC) × Q.