Question

When the firm is producing 3 tonnes of sugar, it receives total revenue of ₹24. Raising production to 4 tonnes, increases total revenue to ₹28. Thus, marginal revenue is __________.​

Answer 1

Answer:

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Explanation:

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Answer 2

Final Answer: Marginal Revenue is Rs. 4/-

Given: Firms revenue by selling 3 tonnes of Sugar is Rs. 24/-

           Firms revenue by selling 4 tonnes of Sugar is Rs. 28/-

To Find: Marginal Revenue of the firm.

Explanation:

We know that the formula o calculate the marginal revenue is

MR = Change in Revenue/Change in Output

Putting the value in the above formula we get

MR = (28 - 24)/(4 - 3)

MR = 4/1

MR = 1

Marginal Revenue Definition: The change in revenue with the production of one additional unit of the output is known as the marginal revenue. Marginal revenue has it great significance in economic theories. As in monopoly market the profit maximization criteria is MR = MC. It means in monopoly market where the marginal revenue equals marginal cost at that point the producer maximizes its profit.

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