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 $
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 $
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
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Solve part iii - What is the marginal revenue for the 8th lesson? $__
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