Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i), (ii), and (iii). Average Revenue (AR = TR/Q) Marginal Revenue (MR = ATRIAQ) Lessons Total Revenue per Day (Q) Price (P) $90 (TR=P×Q) $0 1 86 86 $86 $86 2 82 78 164 82 78 3 (i) 78 70 4 74 296 74 62 70 350 (ii) 54 66 396 66 46 7 62 434 62 38 58 464 58 (iii) (i) Total revenue for 3 lessons is $ 234 . (ii) Average revenue for 5 lessons is $ 70. (iii) Marginal revenue for the 8" lesson is $

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Chapter11: Price-searcher Markets With High Entry Barriers
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Problem 14CQ
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Solve part iii - What is the marginal revenue for the 8th lesson? $__

Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i), (ii), and (iii).
Average Revenue
(AR = TR/Q)
Marginal Revenue
(MR-ΔTR/ΔQ)
Lessons
Total Revenue
(TR =Px Q)
$0
per Day (Q)
Price (P)
$90
1
86
86
$86
$86
2
82
164
82
78
78
(i)
296
78
70
4
74
74
62
70
350
(ii)
54
6.
66
396
66
46
7
62
434
62
38
8
58
464
58
(iii)
(i) Total revenue for 3 lessons is $ 234 .
(ii) Average revenue for 5 lessons is $ 70.
(iii) Marginal revenue for the 8" 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 (iii). Average Revenue (AR = TR/Q) Marginal Revenue (MR-ΔTR/ΔQ) Lessons Total Revenue (TR =Px Q) $0 per Day (Q) Price (P) $90 1 86 86 $86 $86 2 82 164 82 78 78 (i) 296 78 70 4 74 74 62 70 350 (ii) 54 6. 66 396 66 46 7 62 434 62 38 8 58 464 58 (iii) (i) Total revenue for 3 lessons is $ 234 . (ii) Average revenue for 5 lessons is $ 70. (iii) Marginal revenue for the 8" lesson is $
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