Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i). (ii), and (ii. Average Revenue (AR= TR/Q) Marginal Revenue (MR-ΔTRΔQ) Lessons Total Revenue Price (P) $70 per Day (Q) (TR=PxQ) $0 65 60 55 65 $65 $65 120 60 55 (i) 200 55 50 45 225 (ii) 40 40 240 35 245 35 8. 30 240 30 (iii) (i) Total revenue for 3 lessons is S (ii) Average revenue for 5 lessons is S (iii) Marginal revenue for the 8th lesson is s

Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter11: Price-searcher Markets With High Entry Barriers
Section: Chapter Questions
Problem 14CQ
icon
Related questions
Question
Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i), (ii), and (ii).
Average Revenue
(AR = TR/Q)
Marginal Revenue
(MR = ATRIAQ)
Lessons
Total Revenue
(TR =PxQ)
Price (P)
$70
per Day (Q)
$65
55
45
1
65
65
60
55
50
45
$65
2
3
120
60
(i)
200
225
55
4
50
35
5
(ii)
40
25
6.
40
240
15
7
35
245
35
5
8
30
240
30
(ii)
(i) Total revenue for 3 lessons is $
(ii) Average revenue for 5 lessons is S
(iii) Marginal revenue for the 8th lesson is $
Transcribed Image Text:Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i), (ii), and (ii). Average Revenue (AR = TR/Q) Marginal Revenue (MR = ATRIAQ) Lessons Total Revenue (TR =PxQ) Price (P) $70 per Day (Q) $65 55 45 1 65 65 60 55 50 45 $65 2 3 120 60 (i) 200 225 55 4 50 35 5 (ii) 40 25 6. 40 240 15 7 35 245 35 5 8 30 240 30 (ii) (i) Total revenue for 3 lessons is $ (ii) Average revenue for 5 lessons is S (iii) Marginal revenue for the 8th lesson is $
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Advertising
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Managerial Economics: Applications, Strategies an…
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Economics:
Economics:
Economics
ISBN:
9781285859460
Author:
BOYES, William
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning