Economy, asked by lalsawialianhna, 5 months ago

distinguish between average revenue and marginal revenue. Using diagram, explain the relation between them.

Answers

Answered by ravindranain45621

Explanation:

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Mathematically AR = TR/Q; where AR = Average revenue, TR = Total revenue and Q = Quantity sold. In our example, average revenue is = 500/100 = $5. Thus, average revenue means price. Marginal revenue is the addition to total revenue by selling one more unit of the commodity.

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